Solana Crashes 12% Overnight as Crypto Markets Hemorrhage (Market Watch)

The cryptocurrency market continues to bleed, and in the past 24 hours its total capital has lost another $20 billion.

The majority of coins are well in the red and overall sentiment remains particularly negative with further contagion expected from the fallout from FTX.

Bitcoin price is bleeding

Bitcoin is currently around $16,500, down 2.1% in the last 24 hours. This brings the total loss to about 22.6% over the past week.

Bitcoin trading has been relatively flat in the past day. I tried to cross $17,000 but the efforts proved futile and it is now well below that level.

Source: Binance via TradingView

Volume is also weak. CoinGecko reveals that the 24-hour trading volume is currently $46 billion. Liquidations during the same period amounted to about 52 million dollars.

Good Altcoins in Red

As mentioned earlier, the majority of cryptocurrencies are trading in the red today.

altcoins_heatmap_131101
Source: Quantify Crypto

ETH has dropped in value by about 3%, which is roughly equivalent to Binance Coin (BNB). ADA lost nearly 4%, while MATIC lost 4.7%. However, it should be noted that the decline of MATIC is also linked to reports that the FTX hacker has dumped millions of MATIC tokens in the market in the past 24 hours.

In the last 24 hours, the most profitable cryptocurrency was Trust Wallet Token – TWT. This is a whopping 34%. DYDX is the second best performer, up 27% over the same period.

CryptoCom’s CRO token lost the most – around 18%, followed by Huobi Token and Solana.

Overall, market sentiment remains particularly low, right down to extreme fear according to AlternativeMe.

After Solana crashed 12% overnight as Crypt Markets (Market Watch) debuted on CryptoPotato.

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