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The Sandbox

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Bitcoin’s price movements have historically impacted the broader crypto market, sending waves of mixed signals around altcoins. 
This time, Bitcoin’s (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) fall below the $98,000 mark brought a market-wide downturn, majorly impacting small-cap altcoins. The global crypto market capitalization dropped by 2.3% over the past day, reaching $3.47 trillion, according to <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">dat</a><a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">a</a> from CoinGecko. 
The crypto market value even reached a daily low of $3.38 trillion, wiping over $120 billion, before gaining upward momentum again. 
Consequently, the total crypto liquidations increased by 35%, reaching $494.5 million, according to Coinglass data. Of this tally, $366 million are longs and the remaining $127.8 million are short positions. 
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 <img loading="lazy" decoding="async" width="992" height="458" src="https://crypto.news/app/uploads/2024/11/Screenshot-2024-11-25-100220.png" alt="Small-cap altcoin liquidations dominate, market cap falls 2.3% - 41" class="wp-image-14313525">
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 Crypto liquidations | Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="nofollow">Coinglass</a>
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</figure> 
Small-cap altcoins recorded over $100 million in liquidations in the last 24 hours — $83.7 million long and $16.4 million shorts — surpassing Bitcoin’s $79 million — $56.4 million longs and $22.6 million shorts. 
 You might also like: <a rel="" href="https://crypto.news/nft-sales-drop-9-6-to-160-9m-ethereum-and-bitcoin-network-sales-plunge/"> NFT sales drop 9.6% to $160.9m, Ethereum and Bitcoin network sales plunge </a> 
According to data provided by Coinglass, The Sandbox (<a href="https://crypto.news/price/the-sandbox/" target="_blank">SAND</a>) is the only major altcoin with dominating short liquidations as its price registered a 31% rally over the past day. Bonk (<a href="https://crypto.news/price/bonk/" target="_blank">BONK</a>) also has a slightly bullish liquidation map due to its wild roller coaster ride between $0.0000431 and $0.0000486. 
The leading altcoin, Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>), recorded $43 million in liquidations over the past 24 hours, with long positions dominating, as it fell 1.1% to $3,385. 
Data shows that <a href="https://crypto.news/exchanges/binance/" target="_blank">Binance</a>, <a href="https://crypto.news/exchanges/okx/" target="_blank">OKX</a> and <a href="https://crypto.news/tag/bybit/" target="_blank">Bybit</a> crypto exchanges are leading with $216 million, $120 million and $116 million in liquidations, respectively. 
The single-largest liquidation, worth $13 million in the BTC/USDT pair, also happened on Binance, the largest cryptocurrency exchange by trading volume. 
Most notably, this market-wide correction would be considered normal at this point due to the overheated and greedy market conditions.&nbsp; 
Another wave of upward momentum for <a href="https://crypto.news/bitcoin-etfs-3-38b-weekly-inflows-vaneck-180k/" target="_blank">Bitcoin</a> could potentially trigger further bullish sentiment among market participants, impacting altcoins as well. 
 Read more: <a rel="" href="https://crypto.news/sand-mana-axs-top-cryptocurrencies-to-watch-this-week/"> SAND, MANA, AXS: Top cryptocurrencies to watch this week </a>

Small-cap altcoin liquidations dominate, market cap falls 2.3%

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