Data from Coinglass has shown that total liquidations across the cryptocurrency markets from the Black Friday dump were $770 million.
Bitcoin was the most liquid, with almost $217 million, or 4,000 bitcoin, liquidated in the previous day. Ethereum was not far behind, selling 50,000 ether for slightly over $200 million.
Surprisingly, GALA was second, with roughly $25 million in liquidations. SAND and DOGE, both worth over $20 million, were followed by DOT, SOL, MANA, and XRP, all worth around $15 million.
Volatility rises on coronavirus jitters
Bitcoin plunged as much as 9.2% to $53,551 at the end of the week, the lowest it had traded since October 10. In addition, Ethereum has just plummeted, falling 13% to its lowest level in a month.
According to some analysts, the breakout of a novel, potentially vaccine-resistant coronavirus has prompted investors to sell riskier assets.
It has been found in South Africa, Botswana, and Hong Kong so far. Scientists believe that the variant’s odd genetic combinations make it more transmissible or better able to evade immune responses.
“The proliferation of (the version), particularly to neighboring nations, could dampen investor enthusiasm even more,” said Yuya Hasegawa of Tokyo-based exchange Bitbank. “Bitcoin’s upside is likely to be limited, and the market should expect more losses,” he added.
From highs to lows
These setbacks follow a time of increased interest in the top cryptocurrencies. Bitcoin hit a new all-time high on October 20 after breaching above $60,000 for the first time since the spring.
Momentum held it mostly above $60,000 until November 10, when it reached its current all-time high of $69,000.
Meanwhile, with strong upward momentum throughout October, Ethereum was able to set a new all-time high almost every other day as November progressed, with the most recent high of just over $4,800 on November 10. However, it has dropped about 20% since then.
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