Total liquidations across the cryptocurrency markets from the Black Friday dump reached $770 million, according to past day data from Coinglass.
Bitcoin led the way, with roughly $217 million, or 4,000 bitcoin, liquidating in the past day. Ethereum was not far behind, selling off just over $200 million, roughly 50,000 ether. Interestingly, next came GALA, which saw nearly $25 million in liquidations. These were followed by SAND and DOGE, both roughly $20 million, and DOT, SOL, MANA, and XRP, all around $15 million.
Market falls amid coronavirus concerns
Coming into the end of the week, Bitcoin fell as much as 9.2% to $53,551, the lowest it has traded since October 10. Additionally, Ethereum has also fallen hard recently, dropping 13% to its lowest in a month.
Some say that the outbreak of a novel, potentially vaccine-resistant variant of the coronavirus has caused investors to part with the riskier assets. So far it has been detected in South Africa, Botswana and Hong Kong. Scientists believe the certain unusual genetic combinations in the variant either make it more transmissible or more capable of evading immune responses.
“The spread of (the variant), especially to other countries, could wither investor appetite further,” said Tokyo-based exchange Bitbank’s Yuya Hasegawa. “BTC’s upside will likely be limited and the market should brace for further loss.”
Falling from highs
These blows come following a period of higher engagement for the top cryptocurrencies. After breaking above $60,000, Bitcoin managed to reach its first new all-time high since the springtime on October 20. Momentum kept it largely above the $60,000 mark until it reached its current all-time high of $69,000 on November 10.
Meanwhile, with strong upward momentum all throughout the month of October, Ethereum was able to achieve a new all-time high nearly every other day coming into November, also achieving its latest of just over $4,800 on November 10. However, it is now down almost 20% since then.