After a strong recovery during the first half of August, crypto assets like Bitcoin and Ethereum witnessed a substantial price correction during the last week. Bitcoin lost more than 12% of its value and dipped below $21,000 on Monday.
Ethereum, on the other hand, saw a correction of nearly 18% as the world’s second-most valuable digital asset dropped below $1,550. Amid crypto market correction, long traders lost millions of dollars in the last week.
According to the data posted by Coinglass, long crypto traders have lost $57 million within the past 24 hours. The largest single liquidation order happened on crypto exchange Bybit with a value of $882,000.
"The term ‘rekt’ has been skyrocketing in crypto as long liquidations were plentiful to end the week. As many traders were riding the upward price trend since late June, Bitcoin's drop to $20.8k and Ethereum's drop to the low $1,500's caused chaos,” Santiment highlighted in its recent Tweet.
Overall, the crypto market has lost more than $200 billion worth of market cap within the past seven days. In terms of weekly performance among the top 10 digital currencies, Solana (SOL) remained the worst-performing asset with a drop of nearly 21%.
Altcoins
Despite the price correction across the crypto market, whale activity related to major altcoins has increased in the last week. According to Santiment, Dogecoin (DOGE), Shiba Inu (SHIB), and XRP saw a sharp rise in the overall whale activity.
“Dogecoin and Shiba Inu have both experienced major price corrections after their respective Tuesday and Sunday tops. As is often the case, the whales foreshadowed the ideal profit-taking moments when their large transactions exploded on each network. XRP is seeing notable whale activity, as well as high optimism, in Friday's closing trading hours. We've picked up a spike of $100k+ XRP transactions that hasn't been equaled since May 13th,” Santiment added.
