Altcoins plunge 20% in market correction. What happens next?
On the morning of June 18, the cryptocurrency market is experiencing a new adjustment, causing many altcoins that have increased rapidly in recent times to lose up to 20% in value.
The decline of the top two coins has had a huge impact on the big cap altcoin segment, with many big names recording declines of 10 to 25%.
The world's largest cryptocurrency, BTC, has shown clear signs of adjustment since the beginning of last week when it appeared cautious before two important macro news: May inflation figures and US interest rate adjustments. Although both pieces of information are ultimately positive, that doesn't seem to be enough to change investor sentiment.
The evidence is clearly shown in the inflow/outflow of US Bitcoin ETF funds, because since breaking the chain of 19 consecutive inflow days, these funds have continuously recorded cash outflows of around 200 million USD/year. day.
In the last 24 hours, nearly 500 million USD in futures orders were liquidated, of which longs accounted for 89% and shorts accounted for 11%. Among them, altcoins accounted for the largest proportion of burned assets, followed by ETH, BTC and DOGE.
