Altcoin Wipeout: ETH, XRP Selloff activates $ 600 million in liquidations

The entire cryptocurrency market turned red on Monday morning after the relatively calm weekend trade, but this time the Altcoins lead the peloton.

At the same time, Bitcoin has also withdrawn, but in a more modest way, which has increased its dominance over the market.

The graph above shows a very clear picture of the current sentiment between the altcoins. The largest of the couple has set the trend with a decrease of 4% that it brought to a weekly low of less than $ 4,300. ETH was rejected a few times in September on $ 4,700 and the inability to resume his bullrun caused a substantial retracement.

XRP lost the crucial support of $ 3 during the weekend and the situation has only been deteriorated since then. Despite countless large price predictions for an increase in its highest peak of $ 3.65, it also actively dropped by 4% and is below $ 2.9 from the moment of press.

Even more painful decline comes from Ada, Link, Doge, Hype and CRO. With 8%, Hype dumped up to less than $ 50 as Arthur Hayes unlocked From his participations, while CRO has fallen by 9% after reports over a data breach against the exchange behind it.

Although there are exceptions such as IP, which are good in the green, they are very little, and most other mid and lower cap-alts have fallen with considerable percentages. The total crypto market capitalization has lost another $ 60 billion in one day and has fallen to $ 4,060 trillion on CG.

The dominance of BTC, on the other hand, has risen to more than 56%, because the price of Bitcoin has fallen by a more modest 1%.

Data from Coinglass shows that the overall value of destroyed positions has risen daily to more than $ 630 million and almost 220,000 traders have been liquidated. ETH is the leader, with more than $ 184 million from the entire amount.