Altcoins suffer as Bitcoin sinks to $96,609

Bitcoin (CRYPTO:BTC) fell below $97,000, trading at $96,809, which deepened losses in the broader crypto market and caused many altcoins to decline further.

Despite a 51% increase in global crypto trade volume since Monday, which reached $371 billion, the overall market value dipped by 1.22%, settling at $3.42 trillion.

Bitcoin remains dominant with a 55.8% market share, while Ethereum (CRYPTO:ETH) holds 12.8% of the market.

Ethereum saw a minor decline of 0.13%, trading at $3,654, following heavy losses earlier this week.

Ripple (CRYPTO:XRP) gained 5%, rebounding to $2.35, though it faced significant losses during Monday’s downturn.

Solana (CRYPTO:SOL) dropped another 2.75%, continuing its downward trend.

Dogecoin (CRYPTO:DOGE) was the hardest hit among the top ten cryptocurrencies, falling 4.5% against the U.S. dollar.

Liquidations totaled $836.75 million over the past 24 hours, with $636.13 million of those coming from long positions.

Bitcoin traders experienced $79.11 million in liquidations, while Ethereum longs lost $114 million, according to data from Coinglass.

Binance witnessed the largest single liquidation, with an Ethereum trade worth $11.78 million being wiped out.

As of 4 p.m. EST, 294,607 traders had been liquidated, underlining the heightened market volatility.

Signs of recovery appeared later in the day, with Bitcoin climbing slightly to $96,928 by 4:45 p.m. ET.

Despite these rebounds, the significant liquidations underscore the critical importance of risk management and cautious trading strategies.

Market fluctuations remain heavily influenced by a combination of investor sentiment, trading volume, and external factors, creating challenges for even seasoned traders.

With the holiday season and New Year approaching, lower trading volumes could further affect price stability, potentially leading to additional declines.

At the time of reporting, Bitcoin price was $96,835.08.