Cryptocurrency markets turned red today, with most major altcoins recording notable declines. Ethereum fell 2.5% and is now trading near $3,600. XRP and Solana both dropped more than 6%, while Dogecoin is down approximately 7%. The majority of the top 100 cryptocurrencies registered daily losses.
Bitcoin remained relatively stable, holding around the $118,000 level. It has shown minimal movement throughout the week and did not participate in today’s broader pullback.
Market Follows Period of Strong Monthly Gains
Despite today’s decline, most major tokens remain significantly up over the past 30 days. Bitcoin has gained 16% during that period. Ethereum is up 59%, XRP has increased 63%, and Solana has risen 42%. These figures place today’s pullback in the context of a wider upward trend that has unfolded over recent weeks.
Liquidations and Leverage Exposure
The correction was accompanied by a surge in liquidations. According to CoinGlass, over $288 million in positions were liquidated within four hours, with $258 million of that total coming from long positions. Ethereum accounted for over $54 million of the total, while XRP saw more than $41 million in long liquidations. Bitcoin was less affected, with approximately $19.5 million in liquidated positions.
The liquidations indicate that a significant portion of recent trading activity was based on leveraged long positions, particularly in altcoins.
BNB Hits New High Before Reversal
BNB is among the few large-cap assets to post gains today. Earlier today, it reached a new all-time high above $800. The token has since retreated slightly and is now trading near $785, still up 2.5% daily. Its performance stands out against the overall market decline.
Read also: VanEck Files for Spot BNB ETF With Staking
Outlook
The pullback comes after an extended rally, during which multiple major tokens reached multi-month or all-time highs. The current drop appears to be associated with profit-taking, leveraged liquidation events, and short-term volatility, particularly in altcoin markets. Bitcoin’s relative stability today has provided some degree of support, but the broader market remains under short-term pressure.
