The cryptocurrency market faced a turbulent weekend, wiping out nearly $500 million in value as volatile corrections gripped traders. The sell-off triggered mass liquidations across exchanges, impacting 186,966 traders in just 24 hours.

Altcoins Bear the Brunt

While Bitcoin (BTC) briefly dropped to $95,700—just days after nearing the $100,000 milestone—altcoins suffered significantly. Ethereum (ETH) recorded $44.8 million in liquidations, while Dogecoin (DOGE) traders lost $33.1 million. Solana (SOL) and Ripple (XRP) weren’t spared, with liquidations amounting to $16.8 million and $32.2 million, respectively.

Bitcoin’s Retracement and Dominance

Despite the drop, Bitcoin rebounded to $98,310, reinforcing its dominance in the market with a 56% share of the $1.94 trillion cryptocurrency valuation. Liquidations tied to Bitcoin alone totaled $80.9 million, split between $56.6 million from long positions and $24.3 million from shorts.

The correction, while seen by some as a healthy pullback, has raised concerns over potential turbulence fueled by macroeconomic uncertainties. Traders remain cautiously optimistic, closely watching Bitcoin’s path as it inches toward the elusive six-figure milestone.

Altcoins Struggle to Recover

Altcoins are battling to regain their footing, with the broader liquidation cascade affecting sentiment. Analysts suggest recovery might hinge on Bitcoin stabilising and market conditions easing in the short term.

The cryptocurrency market’s next steps remain uncertain as traders brace for further volatility.