Solana (SOL) has emerged as the only major cryptocurrency to record gains in the top 10 by market capitalization. 

Over the past 24 hours, SOL has seen an increase of 6.8%, with its price reaching $177.31, according to CoinGecko data. 

This comes at a time when the wider digital currency market is experiencing significant losses, with major coins like Bitcoin and Ethereum in the red.

Why is the crypto market down?

The cryptocurrency market is currently facing a downturn, with all major cryptocurrencies trading in the red. Bitcoin, the leading digital currency, has seen a decrease of 7% over the last 24 hours. 

Similarly, Ethereum and XRP have also experienced drops of approximately 7%, while Dogecoin has become the worst-performing cryptocurrency among the top 10, losing 9.5% of its value. 

This widespread decline in value can be traced back to significant movements of funds to Binance, one of the world's largest cryptocurrency exchanges. 

According to Lookonchain, a notable transaction involving the movement of 4,637 BTC (valued at approximately $329 million) to a Binance hot wallet was observed earlier today. This transaction mirrors a similar movement that occurred during a Bitcoin price drop on March 5, contributing to the market's current volatility.

More than $661 million liquidated

The recent drop in cryptocurrency prices has led to significant market liquidations. In the last 24 hours alone, more than $661 million worth of cryptocurrencies have been liquidated, according to CoinGlass data.  

This includes a disproportionate amount of long positions, amounting to $525.86 million. This shows that many traders who were betting on price increases were caught off guard.