Recently, altcoins that were rising alongside the surge in Bitcoin are plummeting significantly.
According to CoinMarketCap, a global cryptocurrency market overview site, Bitcoin recorded $118,740, down 1.08% from 24 hours ago as of 7:50 a.m. on the 24th. At the same time, Ethereum is trading at $3,627, down 2.75%.
Ripple is trading at $3.19, recording a drop of nearly 10% with a 9.59% decline compared to the previous day. Additionally, Solana dropped 6.50%, Dogecoin fell 10.23%, and Cardano decreased by 8.63%, indicating that altcoins are generally trading at significantly lower prices.
The decline in altcoins is attributed to a lack of liquidity. According to foreign reports, about $200 million worth of altcoins were liquidated on that day, with $43 million in the Ethereum market and $32 million in the Ripple market being liquidated, respectively. The analysis suggests that the lack of liquidity in altcoins compared to Bitcoin has led to an immediate market impact.