With the Bitcoin price crashing all the way to $55,000, panic selling in the altcoins market remains even more pronounced. Ethereum and almost all of the top ten altcoins have crashed anywhere between 10-20% with the ETH price losing the crucial support of $3,000.
Altcoin Market Crash, Ethereum Faces Most Liquidations
In a significant shakeup in the crypto market, 221,704 traders were liquidated in the past 24 hours as per data from Coinglass. The largest single liquidation order occurred on Binance in the ETH/USDT trading pair, valued at $18.48 million.
On the hourly chart, the Ethereum liquidations have exceeded that of Bitcoin as well. In the past hour, the total Ethereum liquidations have shot up to $44.5 million, while the 24-hour ETH liquidations are at $107 million. Liquidations for other altcoins have also shot up singificantly.
Despite all the developments hinting at a spot Ethereum ETF coming by July end, the ETH price has reacted negatively and is largely in tune with the broader market correction.
Ethereum developer Anthony Sassano has expressed his views on the current market overhang for ETH, pointing to potential outflows from Grayscale’s ETHE. Sassano noted that ETHE has been trading at a discount of less than 2% for months and is now at a premium, raising questions about how many investors are waiting for its conversion to an ETF before selling.
Sassano also highlighted the uncertainty surrounding ETHE’s fee structure post-conversion. He suggested that fees could be much lower than anticipated or even waived temporarily to attract investors to Grayscale’s mini-trust.
Also Read: Ethereum Leads Bitcoin By 2x In Network Fee Revenue
FUD Reaches Historic Levels
As the crypto market continues to decline with more intensity, there’s major fear, uncertainty, and doubt (FUD) across social media platforms. On-chain data provider Santiment reported that the “sell” mentions have outnumbered the “buy” mentions every passing hour.
There have been several instances of this trend in the past 24 hours with the ratio of negative to positive comments reaching its highest in 2024. Santiment suggests that for bold traders, this period of heightened negativity could present an opportunity to adopt a contrarian strategy and buy into the market amidst widespread anger and frustration.
Among the altcoins, the entire memecoin sector has tanked even more heavily with all of the top memecoins losing between 17-25%. It will be interesting to see whether these meme coins bounce back or if this would be the end of the meme coin mania.
Also Read: Ethereum Whale Faces Liquidation, ETH Price Nosedive
The post Altcoin Market Crash: Ethereum Suffers Most Liquidations In Panic Selling appeared first on CoinGape.
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