$ETH Causes $231.82 Million in Liquidations with Total Market Losses of $1.59 Billion in 24 Hours
In the last 24 hours, the cryptocurrency market saw a total of $1.59 billion in liquidations, with Ethereum leading the pack at $231.82 million. This high-pressure trading environment resulted in over 533,234 traders being wiped out, making it one of the most turbulent trading days we’ve seen recently.
Ethereum ($ETH) was hit the hardest, with roughly 61.64K ETH liquidated. Following closely behind was BTC, with $175.72 million or 1.8K BTC liquidated. These numbers highlight the significant leverage in the market, leading to heavy losses for both long and short positions.
In addition to Ethereum and Bitcoin, other top coins like Dogecoin ($DOGE) also experienced significant liquidations, totaling around $89.45 million. This translates to liquidations of 217.63 million DOGE positions, underscoring the risk of trading meme coins during times of high volatility.
Ripple’s XRP and Solana ($SOL) were among the other assets that saw substantial liquidations. XRP recorded liquidations worth 30.96 million tokens and $69.36 million, while SOL saw $49.51 million in liquidations, equivalent to 227.2K SOL tokens. The high activity levels in their respective ecosystems contributed to the price fluctuations during the market downturn.
Smaller tokens like Pepe ($PEPE), Cardano ($ADA), MOVE token, Litecoin ($LTC), WIF, and Filecoin ($FIL) also faced major setbacks, with significant liquidations across the board. Even assets typically considered safe during volatile times, like Litecoin, were not immune to the market sell-off.
Overall, Binance dominated the exchange liquidations during this period, underscoring the widespread impact of the market downturn on traders across various platforms. It’s essential for investors to stay informed, manage risk effectively, and be prepared for fluctuations in the market to navigate these challenging trading environments successfully.
