Total crypto market capitalization losses $216 billion since yesterday as it declines to just below $2.78 trillion, as per CoinGecko.
Furthermore, The huge market loss is actually the second of its kind this month. Notably, after leveraged derivatives traders gets liquidated on Nov. 11, leading to $125 billion loss.
So, On-chain analyst Dylan LeClair explains
“Leverage shakeout close to complete$BTC pic.twitter.com/rQyfaT8HUd” — Dylan LeClair 🟠 (@DylanLeClair_) November 16, 2021
Then, The total market cap is now back to early November levels, while major crypto assets still seeing correction from their recent all-time highs.
Of course, Bitcoin as the king of the Market is leading the red candles. Notably, BTC is seeing declines of over 10% in the past 24 hours, to fall below $59K currently.
Also, Bitcoin’s fall is coming immediately as its Taproot privacy upgrade goes live with no issues.
Of courses, the rest of the crypto market is seeing massive loss too. Also, Ethereum is declining at 8% on the day, falling to around $4,000, signifying a lost of 11.2% from its all-time high of $4,878.
Additionally, The altcoin market is seeing a red day at the moment. Also, Binance Coin, Solana, Cardano, XRP, and Polkadot is all losing between 6% and 11% over the past 24 hours.
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