Crypto Market Correction Triggers $1B Liquidation Amid Altcoin Slumps

The cryptocurrency market underwent a correction today, with traders experiencing nearly $1 billion in liquidations within a 24-hour period. The overall crypto market capitalization declined by 3%, reaching $3.82 trillion. While Bitcoin's (BTC) price remained relatively stable, around $118,200, several major altcoins saw significant decreases. Currently, BTC's price fluctuates near $118,200, reflecting a 0.4% decline. Bitcoin's market dominance increased to 62.5%, but altcoins such as Ethereum (ETH), XRP, and Dogecoin fell by 3.5%, 13%, and 12%, respectively. This correction follows a week of strong gains among altcoins. Among the top tokens, Pump.fun (PUMP) experienced a 20% drop after its CEO announced an unsuccessful airdrop, whereas Story (IP) was the only top token to gain 3%. According to Coinglass, more than 314,000 trader positions were liquidated across crypto exchanges. The Fear and Greed Index has dipped from 74 to 71 points, indicating a decrease in buying interest and a more cautious market sentiment.