The total crypto market cap has fallen by $ 216 billion since yesterday in a drop that brought it down to just under $ 2.78 trillion according to CoinGecko.
The massive wipe-out is the second of its kind this month after leveraged derivatives traders were liquidated on Nov. 11 resulting in a $125 billion slump.
Chain analyst Dylan LeClair once again pointed the finger at leveraged positions for today’s massive crisis.
The total market cap has now fallen back to early November levels as major crypto assets continue correcting from their recent all-time highs.
Bitcoin leads the decline
Bitcoin is leading markets in the red during Tuesday morning’s Asian trading session. BTC has lost 7.3% over the past 24 hours in a fall to around $61K at the time of writing.
The crypto king is down 11.6% from its all-time high on Nov. 10 by a touch of more than $ 69,000. Pricing models such as stock-to-flow are still predicting larger gains for Bitcoin before the end of this year with a target price of $135K painted.
Despite this latest loss, the price of BTC has still more than doubled since the start of the year, when it traded at around $ 29,000. According to Tradingview, there is support at the 50-day moving average which is around the $58,800 price zone.
Bitcoin’s downfall comes just about a day after its Taproot privacy upgrade went live without any issues.
Altcoins Bleeding in Crypto Plunge
As usual, the rest of the crypto market is being dragged down by big brother. Ethereum has retreated 8% on the day in a tumble to $4,329 at the time of writing. ETH is now down 11.2% from its all-time high of $ 4,878 also on November 10.
The altcoin market is a sea of red at the moment with no token in the top 50 making a gain today. Binance Coin, Solana, Cardano, XRP, and Polkadot have all lost between 6% and 11% in the past 24 hours.
Larger losses are being felt by other altcoins such as Litecoin (LTC), Chainlink (LINK), and Crypto.com (CRO) which have all decreased more than 12% on the day.
