This week is off to a terrible start for the cryptocurrency market, with multiple tokens recording double-digit losses.

The Ripple-affiliated XRP cryptocurrency is down as much as 12% after slipping to an intraday low of $2.07. 

Dogecoin (DOGE) and Cardano (ADA) also logged significant losses, dropping by 10.6% and 13.4%, respectively. 

Bitcoin (BTC), the largest cryptocurrency, is down a mere 2.6% after briefly reclaiming the $100,000 level on Monday. 

The cryptocurrency market is now on track to have its worst day in four months, with as much as $1 trillion of value being wiped out. 

According to data provided by CoinGlass, a staggering $1.76 billion worth of crypto got liquidated over the past 24 hours. Unsurprisingly, long positions account for the vast majority of the sum ($1.58 billion). 

Overall, nearly 600,000 trades got liquidated, with one trader losing as much as $19.69 million with a single ETH/USDT order on the Binance exchange earlier today. 

Binance, the leading cryptocurrency platform in the world, has had the largest share of liquidations ($756.26 million). 

Notably, Ethereum is above Bitcoin when it comes to the total amount of longs liquidated over the past 24 hours ($223 million and $148 million, respectively). 

Solana, Dogecoin, and XRP are also in the top five after emerging as some of the top speculative bets over the past few months. 

"If retail traders react with fear and begin selling off their bags, expect a swift rebound to assets like TRX, AVAX, DOT, ICP, POL, FIL, and TIA," crypto analytics firm Santiment said in a recent post.