Ethereum (ETH) Boosts Altcoin Sell-off as Liquidations Hit New High

Current liquidation data has signaled a new correlation on Ethereum (ETH), which is impacting the growth performance of altcoins on the market today. Data from Coinglass shows that a total of $16.71 million worth of Ethereum has been drained from the options market in the past 24 hours.

The liquidation data models related a bearish slump on Bitcoin, whose liquidations have also topped $18.86 million overnight. The general bearish outlook of Ethereum had a profound effect on the altcoins in the market today. The data and its impact have dragged the price of Ethereum to $1,600, down by 0.97% in the past 24 hours.

This drag is also reflected in the current price of XRP, which is down by 2.67% to $0.5013. Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) are also down by 0.66%, 1.70% and 0.13%, respectively. The liquidation chart underscores similar trends over time, wherein the performance of BTC and ETH weighs accompanying altcoins across the board.

According to the current liquidation heatmap from CoinGlass, there is certainty that Ethereum will be hitting its highest liquidation value for this quarter if the downward pressure is sustained as the month wraps up.

Dynamic market momentum at play

The crypto market as a whole has shown a whole lot of intriguing moves in recent times featuring a rare outlook from some of the most volatile assets in the market.

As reported earlier by U.Today, though the XRP downtrend is confirmed, the assumption is that the coin may be one of the biggest beneficiaries moving forward as a function of other bullish fundamentals within its ecosystem.

Shiba Inu (SHIB), the hottest meme coin at the moment, is also experiencing a major shift in both utility and adoption. These rare boosts have pushed the price of one of its native tokens, Bone ShibaSwap (BONE), up by 19% despite the current market outlook.