The digital currency ecosystem is currently slipping into a bear session as the combined crypto market cap reversed its growth by 3.57% to be pegged at $1.22 trillion. In what could have easily been predicted, there has been a ongoing liquidation on the market which, according to data from CoinGlass, has now topped $249 million over the past 24 hours.
By and large, there has been subtle volatility in the industry over the past 24 hours as both Bitcoin (BTC) and Ethereum (ETH) lost their crucial support at $30,000 and $2,000, respectively.
According to liquidation data, Ethereum has had more tokens liquidated over the past 24 hours as more than 29,000 ETH worth approximately $58.04 million has been liquidated. Bitcoin follows with over $53.6 million in total liquidations within the time frame.
Per on-chain observations, the bear action seen on both the BTC and ETH markets can be attributed to the imminent sell-off of the asset after both hit multi-month highs over the past few days. It is not uncommon to print price slips like this, with the corrections considered a healthy twist for a more bullish rebound.
Altcoins featured in liquidations
Based on the outlook on the broader market at the moment, more altcoins also saw significant liquidations of long futures trades over the past 24 hours. Per CoinGlass data, Dogecoin (DOGE) came in as the third most liquidated digital currency, while XRP and Arbitrum (ARB) make up the top five.
The duo of Bitcoin and Ethereum holds a combined 65.4% dominance over the entire industry in terms of market cap and, as such, any form of sell-off in both assets has a way of trickling down to the entire pile of altcoins.
Amid the sell-off and the short-term price outlook, analysts and market leaders are still largely bullish on the top two cryptocurrencies.