Altcoins Plunge 20% in Market Correction on June 18
![Altcoins Plunge 20% in Market Correction on June 18](/content/images/size/w1200/2024/07/20240618021651-c97819b9-e8b5-4e25-973f-463b3ec49a79-151-fotor-20240716145140.jpg)
The cryptocurrency market on the morning of June 18 is experiencing a fresh correction, causing many altcoins that surged recently to drop by up to 20%.
![](https://cdn.coin68.com/images/20240618021651-53c0718d-4234-4d75-87ac-4f7242066fbd-6.jpg)
Price fluctuations of top cryptocurrencies at 09:10 AM on June 18, 2024. Source: Coin360
On the morning of June 18, the price of Bitcoin (BTC) dropped to $64,600, its lowest level since mid-May, leading the entire cryptocurrency market downward.
![](https://cdn.coin68.com/images/20240618021651-0498f22d-4845-436d-9165-0d28c9c606e1-15.jpg)
1-hour chart of BTC/USDT pair on Binance at 09:10 AM on June 18, 2024
The world's largest cryptocurrency has shown clear signs of correction since last week, particularly in response to two significant macroeconomic news events: the May inflation figures and the US interest rate adjustment. Despite both pieces of news ultimately being positive, they seem insufficient to turn investor sentiment around.
This is evident in the outflows from US Bitcoin ETFs, as these funds have seen continuous outflows exceeding $200 million per day since breaking a 19-day streak of inflows.
Ethereum (ETH) also dropped over 5.5% this morning to $3,355, erasing half of its mid-May rally when news broke of the SEC reconsidering its approval of an Ethereum ETF.
![](https://cdn.coin68.com/images/20240618021651-e5c6dfb3-a35c-4ae0-8e41-7c71175ea7dd-199.jpg)
1-hour chart of ETH/USDT pair on Binance at 09:10 AM on June 18, 2024
The decline of these top two cryptocurrencies has had a significant impact on the big-cap altcoin segment, with many prominent names recording declines ranging from 10% to 25%.
![](https://cdn.coin68.com/images/20240618021651-c97819b9-e8b5-4e25-973f-463b3ec49a79-151.jpg)
Price fluctuations of the top 100 largest cryptocurrencies by market cap, screenshot from CryptoBubbles at 09:10 AM on June 18, 2024
Data from CoinGlass shows that nearly $500 million in derivatives positions were liquidated in the past 24 hours, with the majority (89%) being long positions. Altcoins accounted for the largest share of liquidations, followed by ETH, BTC, and DOGE.
![](https://cdn.coin68.com/images/20240618021652-aa03fc33-425a-481f-bb49-102c94651e58-187.jpg)
Derivatives liquidation data in the market at 09:10 AM on June 18, 2024. Source: CoinGlass