- The cryptocurrency market has dropped 2.55% in the last 24 hours, bringing the total market cap to US$2.11T.
- Despite October’s historical positivity for crypto, this month has seen lacklustre performance across major assets like Bitcoin, Ether, Solana, Chainlink, and XRP.
- Over 62,000 traders were liquidated in the past day, with total liquidations reaching US$170 million, including a single US$8 million liquidation order on Bitmex.
The tide has turned, or at least it seems so, as the crypto market has decreased 2.55% over the last day, currently sitting at US$2.11T (AU$3.14T).
Although October has historically been a positive month for the crypto industry, this month’s market performance has been relatively underwhelming so far. According to data from Santiment, Chainlink (LINK), Ether (ETH), Bitcoin (BTC), Solana (SOL), and XRP (XRP) are the assets investors “turned the most negative on”.
According to Santiment, coins with the most “bearish crowd narratives historically have the best chance of rising”.
Related: US GOV Readies Itself to Unleash $4.33B in BTC on Crypto Market
Massive Liquidations in 24 Hours
Bitcoin’s price stayed flat at approximately US$60K (AU$89.3K) in the past 24 hours. There have been significant fluctuations in the price, however, as BTC bounced above US$64K (AU$95.5K) on October 7,
Bears seemed to dominate the market, turning ‘Uptober’ into ‘Octobear’. According to Coinglass data, in the past 24 hours over 62,000 traders were liquidated. The total liquidations comes in at US$170.14M (AU$253M), with the largest single liquidation order occurring on Bitmex – XBTUSD, valued at US$8.02M (AU$11.94M).
Bitcoin’s current price of US$60K is a crucial psychological level that could influence its future price movements. Traders are already feeling panic as the Fear and Greed Index pulls back to 32, getting closer to extreme fear.
Altcoins Bleeding Too
In the altcoin market, EIGEN, EigenLayer’s native protocol, stood out, gaining over 11% on the weekly scale. EIGEN now has a market capitalisation of around US$689M (AU$1.01B).
It is currently trading above US$3.70 (AU$5.51), making it the third-best performer among the top 100 cryptocurrencies. This surge comes despite news of a possible insider breach that led to the unauthorised sale of US$5.5M (AU$8.18) EIGEN tokens.
Related: Standard Chartered Predicts SOL 5X if Trump Wins Election, BTC $200K Regardless
Meanwhile, most other major coins remained flat, including ETH, SOL, and XRP—especially ETH, which is back in the same range as in early January of this year.
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