• Crypto market capitalization dropped 3.5% in the past 24 hours following a decline in U.S. equity markets.
• Ether and dogecoin led the slide among major tokens, falling more than 5%, Cardano’s ADA and Polygon’s MATIC dropped 4%, while bitcoin lost just 1.6%.
• Outside of majors, avalanche (AVAX) fell 7.7% while lido (LDO) dropped over 10%, ending a multi-week bump that saw the token’s value jump 135% in the past month.
The crypto market has seen a pullback in the past 24 hours, following a decline in U.S. equity markets. Major tokens such as Ether, Dogecoin and Cardano’s ADA have all seen decreases, while Bitcoin has held relatively steady, with a 1.6% decrease. This has caused a 3.5% drop in the crypto market capitalization, to just over $1 trillion.
Ether and Dogecoin have both seen over 5% decreases, while Cardano’s ADA and Polygon’s MATIC have dropped 4%. Outside of major tokens, Avalanche (AVAX) has seen a 7.7% decrease, while Lido (LDO) has dropped over 10%. This has ended a multi-week bump that saw Lido’s value jump 135% in the past month.
Conversely, a few tokens have seen increases in the past 24 hours, including Quant (QNT) and Aptos (APT), which have both risen over 4%. The increases in these tokens, combined with the relative stability of Bitcoin, have helped to cushion the effects of the crypto market pullback.
In addition, the pullback has caused upward of $173 million in longs, or bets on higher token prices, to be liquidated. Ether futures saw $86 million in liquidations, while traders of Bitcoin futures lost $46 million.
Overall, the current pullback appears to be more of a bull breather than a bear trend. With Bitcoin still relatively stable, and with a few tokens still trading in the green, the crypto market appears to have the potential to soon recover.