Crypto Market Drops 3.5%, Major Tokens See Steep Losses

• The 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%, while bitcoin lost just 1.6%.
• Outside of majors, Avalanche (AVAX) and Lido (LDO) dropped 7.7% and 10%, respectively.

The crypto market has taken a hit in the last 24 hours, as traders have likely taken profits following weeks of an uptrend. With U.S. equity markets also pulling back, crypto market capitalization has decreased by 3.5%, leaving the total market just over $1 trillion.

Leading the slide among major tokens were Ether and Dogecoin, both of which saw losses of more than 5%, while Bitcoin dropped just 1.6%. This resulted in upwards of $173 million in longs, or bets on higher token prices, to be liquidated. Of this, Ether futures saw $86 million in liquidations while traders of Bitcoin futures lost $46 million.

Outside of majors, Avalanche (AVAX) and Lido (LDO) saw the greatest losses, dropping 7.7% and 10%, respectively. This is in contrast to tokens such as Quant (QNT) and Aptos (APT), which both saw gains of over 4%. The recent pullback followed a notable upswing, which was driven in part by Bitcoin’s strength and strong transactional activity among tokens such as SOL and ADA.

Nevertheless, the market pullback has provided traders with an opportunity to reassess the bullish trend of recent weeks and could mark the beginning of a period of consolidation. The extent of the decline remains to be seen, but it appears that bulls are taking a breather.