In the volatile world of cryptocurrency, Bitcoin's continued price fluctuations have led to a significant sell-off in the altcoin market. As a result, altcoins such as AVAX and ADA have experienced steep price pullbacks, with both coins erasing all their 2024 gains and dropping to levels last seen in late 2023.

The crypto market as a whole struggled to shake off the bearish sentiment from the previous week, leading to a downturn today. According to CoinMarketCap data, the overall market cap was down by 1.63% in the past 24 hours. The primary catalyst for the market descent was Bitcoin [BTC], which hit a monthly low of $64.5K, a level last observed in mid-May.

Investors responded to this downward trend by pulling out massive amounts of money from BTC spot markets. In the past 12 hours alone, outflows in excess of $200 million were recorded. Furthermore, a risk-off approach to the largest digital asset was observed in the U.S. spot BTC ETFs on June 17th. Farside Investors reported a total outflow of $145.9 million for these ETFs on that day, indicating that the bearish sentiment from the previous week persisted into the new week.

However, it was the altcoin market that was hit the hardest by this market rout. Many altcoins experienced price retracements of over 50%. For instance, Solana [SOL] was down by approximately 4% in the past 24 hours, marking a drop of 38% from its 2024 highs. Similarly, Cardano [ADA] witnessed a significant drop of 55% from its 2024 highs, trading at $0.37, which is a level last seen in November 2023. Avalanche [AVAX] plunged by around 10% on the daily charts, reaching levels last witnessed in December 2023.

The market drawdown caused immense losses for long positions. According to Coinglass data, liquidations exceeded $240 million, with longs accounting for $224 million worth of rekt positions in the past 12 hours.

As the U.S. holiday on June 19th approaches, it remains to be seen whether the crypto market will experience slower trading activity and potentially a reduction in the bleeding. With most federal banks closing shop for the holiday, market participants will be eagerly watching to see if this break provides any respite from the ongoing turbulence.

In the world of cryptocurrency, these market fluctuations are a constant reminder of the importance of staying vigilant and proactive to navigate the volatile landscape.