The cryptocurrency market cap has fallen about 12% in the last 24 hours, to about $3.1 trillion at the time of writing.

That’s the lowest the markets have seen this year, with more than $400 billion wiped out in less than a day as the selloff accelerated during the Asian trading session on Monday morning, sending markets back to mid-November levels.

Additionally, more than 700,000 traders have seen their positions liquidated in the last 24 hours, worth a total of $2.2 billion, according to liquidations data from Coinglass.

“Damn, I just realized that was the largest liquidation in crypto history,” Reflexivity Research co-founder Will Clemente commented.

Altcoins are falling even further

BTC has plunged about 7.5% from just over $100,000 to an intraday low of $91,300 on Monday morning. It has recovered to $93,000 and remains within its range-bound position at the time of writing.

Ethereum has fallen 25%, falling below $2,400, its lowest since October. This has pushed the ETH/BTC ratio to a multi-year low of 0.023, according to Tradingview. ETH has settled around $2,500 and is nearly 50% below its 2021 all-time high.

Ripple’s XRP has also taken a hit, falling more than 26% in a few hours to below $2 before recovering slightly.

Solana (SOL) has bounced back to the $180 level after losing 14%, Binance Coin (BNB) has lost 16% to fall to $550, while Dogecoin (DOGE) has lost 24% to fall to $0.22.

But the troubles didn't end there, as Cardano (ADA) suffered bigger losses, falling nearly 30% to $0.60; Chainlink (LINK) plunged 23% to $17, and Avalanche (AVAX) lost 25% to $23.

Some small-cap altcoins wiped out nearly a year's worth of gains in a matter of hours.

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