The crypto market has entered a sharp correction phase, losing over $200 billion in total market capitalization within 24 hours as risk sentiment turned negative across global markets. According to CoinMarketCap data, the total market cap fell 6.24% to $3.35 trillion, reflecting broad-based sell-offs across both major and mid-cap tokens.
Bitcoin (BTC) fell 6.32% in the past 24 hours and is currently trading near $100,637, its lowest level in nearly a month. Despite holding over $2 trillion in market cap, Bitcoin’s dominance did little to prevent widespread panic as traders rushed to secure profits after recent record highs above $107K. Ethereum (ETH) mirrored the drop, sliding over 9% in 24 hours to $3,325. Its weekly decline of nearly 19% has pushed its market cap down to $401 billion, erasing gains accumulated through October’s staking surge.
The ETH-BTC ratio has weakened to 0.0326, its lowest level since early September, signaling Bitcoin’s relative dominance during risk-off conditions. Additionally, base ETH gas fees have jumped to 10.654 gwei. Data from Coinglass shows $1.49 billion in leveraged positions were liquidated across the market in the past 24 hours, marking one of the largest single-day shakeouts since June 2024.
Among exchanges, Binance, Bybit, and Hyperliquid recorded the highest liquidation volumes. CoinMarketCap’s Fear & Greed Index plummeted to 27 (“Extreme Fear”), reflecting panic among retail traders and rising profit-taking among institutions. CryptoTimes earlier reported that the initial reasons for the crypto market going down are macro triggers, including rising ETF outflows, rising U.S. bond yields, and Fed officials hinting at no further rate cuts, as well as tightening liquidity, as catalysts.
