Skyrocketing Cryptocurrency Market Liquidations Amounting to Over $1.1 Billion due to Surges in Bitcoin, Ethereum, and Solana Costs
Hey there! Let's dive into the crypto market happenings of the past day.
In the last 24 hours, a whopping $1.12 billion worth of crypto positions have been liquidated, with most of it being shorts. CoinGlass data reveals that a whopping $777 million worth of shorts were liquidated during this period. This means traders who bet against the price rise of a specific asset are feeling the heat. In contrast, approximately $350 million worth of long positions were also erased.
Bitcoin, the usual suspect, isn't dominating the liquidation list this time. Instead, it's Ethereum traders who are nursing the most wounds with a massive $439 million worth of liquidations. This is due to Ethereum's amazing price surge over the last week, soaring nearly 25% to an impressive $2,303. The asset even reached $2,448 earlier Friday, marking a two-month high. These price leaps are happening amid this week's launch of the highly anticipated Pectra network upgrade.
Bitcoin's not resting on its laureurs, though. It's enjoying a 5% rise to a fiery $102,858, surpassing the $100,000 mark on Thursday for the first time since February. It even touched $103,890 early Friday, causing $307 million worth of liquidations within the last day.
Other big gainers this week include Solana, skyrocketing 12%, and Dogecoin, erupting over 11%. Solana buckled under the third-most liquidations for any single asset over the past day with a hefty $40 million loss, while Dogecoin saw $19 million worth of liquidations.
As if that wasn't enough, the single-largest liquidation over the past day came from a bearish Bitcoin gambler who lost an $11.97 million position in a matter of minutes.Quite the rollercoaster, ain't it? Keep an eye on those markets in the days ahead to see where the crypto tide takes us!
Edited by Andrew Hayward
P.S.: FYI, Bitcoin's huge liquidation signals a predominant bearish skew in leverage, which could potentially cause further upward price movements. Additionally, XRP traders faced liquidations totaling $18.8 million, evenly split between shorts and longs, indicating confusion over XRP's short-term price direction amid regulatory developments.
[1] Data from CoinGlass[2] Bitcoin price data from CoinMarketCap[3] Overall crypto market liquidation data from CoinGlass[4] Smaller cryptocurrencies activity data from CoinMarketCap[5] XRP liquidation data from CoinGlass
- The crypto market witnessed a significant day with $1.12 billion worth of positions getting liquidated, most being short positions.
- Interestingly, Ethereum traders suffered the most losses at $439 million due to its price surge, reaching a two-month high of $2,448.
- Bitcoin, despite not dominating the liquidation list, saw a 5% rise to $102,858, surpassing the $100,000 mark for the first time since February.
- Among other cryptocurrencies, Solana and Dogecoin experienced impressive gains, with Solana skyrocketing 12% and Dogecoin erupting over 11%.
- Bitcoin's liquidation of $307 million indicates a potential upward price movement due to a predominant bearish skew in leverage in the finance sector.
- XRP traders faced liquidations totaling $18.8 million, indicating confusion over XRP's short-term price direction amid regulatory developments.
- Altcoins like Dogecoin and other smaller cryptocurrencies should not be overlooked when considering the crypto market as they too can influence the market's direction, with investing in them including a risk-reward aspect influenced by the technology they represent.
