The crypto market has recently seen a significant correction, with Toncoin (TON) and Ether (ETH) leading the decline. Over the past 24 hours, the sector’s market cap has decreased by 3.6%, driven by a wave of long liquidations.
Toncoin and Ether: the fall that shakes the crypto market!
Over the past 24 hours, the crypto market has seen 60,287 traders liquidate, totaling $144 million in liquidations, including $127 million in long positions. Ether long liquidations reached $46 million, while Toncoin long liquidations reached $1.7 million, the data showed.
The technical outlook for Toncoin is unfavorable following the arrest of Telegram CEO Pavel Durov in France. Since his arrest, Toncoin price has dropped 20%. Toncoin has broken above its 200-day moving average and a head and shoulders formation could lead to a further drop in price to $2, according to YouHodler’s Sergei Gorev.
Ether, the second-largest crypto by market cap, has also undergone a notable correction. The drop in Ether prices has been accompanied by a decrease in on-chain activity, signaling a reduction in network activity and a drop in prices. This trend is concerning for investors, as it could indicate a short-term loss of confidence in the Ether market.
A highly volatile market!
The recent volatility in the crypto market has also affected other major digital assets, such as Bitcoin (BTC), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE), which have all recorded significant declines. This highlights the challenges faced by crypto investors as they navigate a market that is often unpredictable and prone to rapid fluctuations.
The recent crypto market correction, led by Toncoin and Ether, highlights the inherent volatility of this sector. Long liquidations have exacerbated this situation, leading to significant losses for many investors. Despite this, Toncoin has recently outperformed Cardano and is now aiming to dethrone Dogecoin.
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