Crypto Market Cap Falls 5.79% as Bitcoin Slides and $346.9M in Trades Liquidated

The crypto market shed 5.79% of its value in 24 hours, leaving total market capitalization at $2.41 trillion by late afternoon Nov. 12. Bitcoin and five other major tokens all declined, while trading volume across crypto assets hit $71.20 billion over the same period.

Bitcoin traded at $71,487 at 4:05 p.m. ET, down 4.21% over 24 hours, and it still accounts for 59.5% of the entire market's value. Ether slipped 2.98% to $2,017 and makes up 10.2% of total market value.

The rest of the majors followed. XRP lost 2.71% to $1.04, the smallest drop among the six largest assets. BNB took the hardest hit of that group, falling 4.61% to $654.94, while Solana dropped 4.26% to $81.33 and Dogecoin slid 4.01% to $0.0659. The market's overall percentage loss was steeper than any individual decline from the six.

Leveraged traders got crushed: liquidations, or forced closures of leveraged positions, totaled $346.9 million over 24 hours across Binance, Bybit and OKX. Longs accounted for $310.2 million of that, versus $36.7 million in shorts.

Not every asset bled. Among the top 39 tokens, World Liberty Financial (WLFI) gained 1.50%, the strongest performance in the group, according to tokenpost.com. Quant (QNT) fell 8.95%, the steepest drop of the bunch.

Binance, Bybit and OKX were the three exchanges where the liquidation data was tracked, with the long-heavy split showing traders were positioned for upside before the selloff hit.