According to CoinGecko, the total crypto market capitalization fell by $216 billion yesterday. This has brought it down to below $2.78 trillion.
After the Nov. 11 liquidation of leveraged derivatives traders, this massive wipeout is the second in its kind. The result was a $125 billion slump.
Dylan LeClair, an on-chain analyst, has once again pointed out leveraged positions in today’s huge slump.
Leverage shakeout close to complete$BTC pic.twitter.com/rQyfaT8HUd
— Dylan LeClair
(@DylanLeClair_ November 16, 2021
As major crypto assets continue to correct from recent highs, the total market cap has fallen to November levels.
Bitcoin is the Leader in Drop
During the Tuesday morning Asian trading session, Bitcoin is driving markets into the red. BTC has fallen 7.3% in the last 24 hours, falling to $61K as of the writing.
Chart by TradingView
The crypto king has fallen 11.6% from its Nov. 10, all-time high at a touch more than $69K. Stock-to-flow pricing models still predict larger gains for Bitcoin this year, with a target price at $135K.
BTC’s price has more than doubled since the start of the year, when it was trading for around $29K. Tradingview reports that support is found at the 50-day moving median, which is located around the $58,800 price area.
Bitcoin’s collapse comes just one day after Taproot’s privacy upgrade was live without any issues.
ltcoins Bleeding in Crypto Plunge
Big brother is dragging down the rest of crypto market. Ethereum fell 8% today, falling to $4,329 as of this writing. ETH is now down 11.2% from Nov. 10’s record high of $48,878
Altcoin trading is in a sea red, with no token among the top 50 showing any gains today. Over the last 24 hours, Binance Coin has lost between 6% to 11% and Solana Coin, Cardano and XRP and Polkadot.
Other altcoins, such as Litecoin and Chainlink (LINK), are suffering larger losses. All three have fallen more than 12% per day.
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