The crypto market is in red today as the major cryptocurrencies including Bitcoin and Ethereum dropped dramatically and lost weekly gains over the last 24 hours. In fact, the overall market valuation is currently down by 2.14% to $4.03 trillion despite a 3% surge in trading activity which saw over $209 billion in volume.
Bitcoin Drops Below $120K
Bitcoin, the largest cryptocurrency by market cap, is down by a modest 1.55% from the daily high. Although this percentage is small, other major tokens seem to have followed the same price action.
Meanwhile, Bitcoin experienced an incredible week and even reached a new high record of $126k on October 6. However, the token has lost these gains as investors start taking profits. At the time of publishing, Bitcoin was trading near $119,412 with a 24 hour trading volume of $77.72 billion, as per CoinMarketCap data.
Ethereum Dips to $4,100
Ethereum witnessed a loss of nearly 4% following a massive sell momentum to the downside. As of a few hours during the London session, ETH was still ranging between $4,400 and $4,300. However, the price dropped shortly after with ETH falling below $4,100 in a dramatic shift.
At the time of writing, ETH is trading for $4,135 with a drop in its market cap which now sits near $499 billion. Meanwhile, ETH also saw a great week, having reached the weekly high of $4,700 on October 7, which was merely 5% away from its all time high.
As a result of this drop in the market, about 204,483 have been liquidated from their position. According to Coinglass, a total of $891.27 million has been liquidated. Over $717 million from that amount came from traders who bet on long trades while $174 million came from traders who were betting on short.
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