The crypto market has kicked off the week with sharp losses, shedding $1 trillion in market value in a single day. A staggering $1.76 billion worth of crypto assets were liquidated in the past 24 hours, with long positions accounting for $1.58 billion of the total. Over 600,000 trades were liquidated, including a jaw-dropping $19.69 million ETH/USDT order on Binance.

XRP, ADA, and DOGE Suffer Double-Digit Losses

Ripple-affiliated XRP plunged by 12%, hitting an intraday low of $2.07. Cardano (ADA) and Dogecoin (DOGE) also faced steep declines of 13.4% and 10.6%, respectively. Bitcoin (BTC), the market leader, dropped 2.6% after briefly reclaiming the $100,000 mark earlier in the week.

Ethereum Tops Liquidation Charts

Ethereum (ETH) saw the highest liquidation volumes, with $223 million worth of long positions wiped out. Bitcoin followed with $148 million in liquidations, while Solana, Dogecoin, and XRP rounded out the top five most liquidated assets.

Market Sentiment Signals Potential Rebound

Despite the widespread losses, analysts at Santiment suggest the market could recover swiftly if retail traders react with fear and sell off their holdings. Assets such as TRX, AVAX, DOT, and ICP are expected to attract speculative interest in the aftermath of the plunge.

As the market grapples with its worst day in four months, investors are urged to remain cautious and monitor key support levels closely.