Bitcoin (BTC), which experienced yet another crash, caused a series of crypto-market liquidations totaling 1,52 billion dollars over the last 24 hours.
Coinglass reported that the largest amount of liquidation was made by long positions, which accounted $1.39billion. The total short position consisted of $137m.
Altcoins have been the most affected by the market’s volatility for the second week in a row. In the last hour, over $759 million worth of liquidations took place. This shows the scale and speed of the market sell-off.
Intense volatility
Based on CryptoSlate data, Bitcoin’s price dropped sharply to an intraday low of $94,129 before partially recovering to trade at roughly $97,000 as of press time.
Long traders accounted for most of the $83.99m in Bitcoin liquidations that occurred within the past four hours. Leveraged positions were liquidated, which added to downward pressure and exacerbated losses in the wider market.
Ethereum (ETH), with a total of $134.50 millions liquidated within the past four hours, was the most affected altcoin. The asset’s price fell to $3,510, marking a sharp drop from its recent highs, before recovering to the $3,700 level as of press time.
Dogecoin’s (DOGE), which is a meme-coin, also suffered substantial losses. $51.55 millions were lost as it struggled to maintain its critical levels of support and plummeted to an intraday minimum of $0.38. It then recovered to $0.422 at the time of publication.
Solana, with $33.61 in liquidations and XRP having $33.78 in wiped out positions, were the top losers among altcoins. Both coins dropped to $203 each and to just $2.01 before investors stepped up to help them recover to $220, and to $2.26 at the time of publication.
Cardano, too, was under pressure. Its price dropped to $0.91 from key psychological levels. At the time of publication, Cardano (ADA) was still hovering at $1.
Overleveraged Positions
A combination of leveraged positions, a weakening sentiment and escalating stop-loss order fueled the rapid selling.
Binance was the biggest liquidator, accounting for $417.65 millions in liquidations during the last four hours. OKX was next with $224.76 millions, and Bybit had $207.16 in liquidated positions.
The most significant single liquidation event occurred on Binance’s ETHUSDT trading pair, totaling $19.69 million.
The crypto Fear and Greed Index is still in Extreme Greed at 78 despite the huge liquidations and high volatility.
Bitcoin Market Data
Press release On Dec. 9, 2024, 10:08 PM UTCBitcoin has the largest market capitalization and is currently trading at a price of You can find out more about it by clicking here. 3.25% Over the last 24 hours. Bitcoin’s market capitalization is 1 Trillion Dollars With a daily trading volume of $103,65 billion. Learn more about Bitcoin ›
Bitcoin
On Dec. 9, 2024, 10:08 PM UTC
$96,735.39
-3.25% Crypto Market Analysis
Press release On Dec. 9, 2024, 10:08 PM UTCThe total market value of crypto is at 3 trillion $444 billion A 24-hour volume is 288.18 milliards de dollars. Bitcoin dominates the market at 55.69%. Learn more about the crypto market ›
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