Within the preceding 12-hour window, the cryptocurrency market endured a contraction of $90 billion, reflecting a 5.35% decline over the past 24 hours, and bringing the aggregate market capitalization to $3.41 trillion.
Bitcoin, the leading digital asset by market cap, experienced a 4.1% reduction in value at the time of writing. Notably, at approximately 2:30 a.m. Eastern Time, the asset registered its lowest point at $97,750. As of the latest update, bitcoin has reclaimed ground above the $100,000 threshold, now trading a touch above $101,000.
BTC/USD 1H chart via Bitstamp on Jan. 27, 2025.
The trading volume exclusively tied to bitcoin stands at $59.07 billion, accounting for a significant portion of the $197.9 billion exchanged across the broader crypto market. Concurrently, Microstrategy disclosed yet another acquisition of bitcoin, which appears to have offered modest buoyancy to the asset’s price, stabilizing it at current levels.
In contrast, several leading altcoins suffered more severe downturns. XRP depreciated by more than 7%, while solana (SOL) faced a sharper correction of 9%. These deeper losses among altcoins have, in turn, elevated bitcoin’s dominance within the market to 58.3%.
The recent decline in cryptocurrency markets triggered substantial losses across derivatives, with liquidations totaling $903.88 million in the past 24 hours. Bitcoin led the liquidations, with $252.40 million in long positions wiped out, while ethereum (ETH) saw $110 million in longs similarly erased. Other significant shakeouts affected coins such as SOL, XRP, and DOGE.
In total, 326,494 derivatives traders were liquidated over the course of the day, highlighting the volatility in these markets. The largest single liquidation occurred on HTX, where a massive $98.46 million in a bitcoin position was obliterated, underscoring the scale of the sell-offs within the derivatives space.
By 8:50 a.m. (ET) on Jan. 27, bitcoin was trading for $100,590 per unit.
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