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The broader cryptocurrency market is facing liquidation amid falling digital asset prices. Queen Glass Data indicates that liquidation across various exchanges amounted to $483.61 million during the past 24 hours.
Liquidation details: ETH, SOL, and XRP
Liquidation of long positions accounts for the majority of market sweeps. Liquidations of long positions amounted to $342.34 million, while short position traders liquidated $141.34 million in the last 24 hours.
Ethereum (ETH) topped altcoins with a total liquidation of $86.43 million. Long position traders saw $44.76 million in liquidations, with short positions representing $41.67 million. This comes at a price Ethereum It fell to $3,317.76, marking a 1.31% decline in the past 24 hours.
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Notably, ETH fell to a low of $3,209.21 in the previous trading before starting to rise to the current level.
Solana (SOL) had twice as many liquidations of long positions as traders in short positions. SOL's cumulative liquidation amounted to $16.68 million, with $10.79 million and $5.90 million going to traders in long and short positions, respectively. The coin, which reached a low of $188.96, is currently trading at $191.76. This represents a shift from what Solana did earlier Bullish signs.
The total liquidation of XRP amounts to $14.16 million, of which $9.28 million represents a long position and $4.88 million is short selling. XRPAlthough it is more resilient than the rest, it also saw a 12.86% drop in trading volume to $7.72 billion, with its price currently at $2.32.
The analyst provides a point of view
Most of the liquidations took place on Binance, OKX, and Bybit. Binance's total liquidation was $202.02 million, representing 41.69%. Traders with long positions accounted for 70.97% of this liquidation.
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OKX recorded $140.33 million, or 28.96% of total liquidations. Bybit, with 18.98% of losses, recorded $91.99 million cumulatively. Meanwhile, HTX and CoinEx account for about 10.02% of liquidations.
Analysts believe that the rapid decline in Bitcoin, the leading digital asset, contributed to the widespread liquidation witnessed in the market. With speculation about that Bitcoin It has entered the distribution phase and will likely not see a significant rise soon, and many investors appear cautious in the broader market.
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