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Volatility in the crypto market is Thinningalso showed the main liquidation numbers. Data from the CoinGlass link shows that these liquidations totaled $240 million over the past 24 hours. This is a significant deviation from the more than $1 billion recorded on at least two occasions over the past week.
Spotlight on Bitcoin, Dogecoin and XRP
According to liquidation figures, the significant decline in Bitcoin price to the $94,000 range has left long-term traders unaware. According to the numbers, the total liquidations reach $64.92 million, bringing Bitcoin traders' losses to $44 million. Short traders' liquidations represented $20.92 million.
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XRP saw a smaller liquidation of $6.57 million. In the case of XRP, short traders suffered the largest losses of $3.65 million, while long traders accounted for the rest. Over the past week, XRP has seen sweet and sour trends with the currency Seeing parabolic growth in portfolios Amid gains of 253% over the past month.
Dogecoin received $9.2 million in liquidations, split almost evenly between long and short traders. This means that DOGE traders are unsure about the coin's next move amid a record of widespread volatility.
Where does the market go next?
With lower volatility, Bitcoin price has entered a consolidation phase in defiance of Santa's rally.
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The coin fell 1.45% in 24 hours to $93,907.15 at the time of writing. Effectively, Bitcoin's price is down 13% from its all-time high (ATH) of $108,268.45 that it reached seven days ago.
Like other altcoins, XRP and DOGE maintain a very high correlation with Bitcoin, a trend that may limit the growth of both currencies. in spite of Whale activities Around these assets and other fundamentals, any support from Bitcoin may not lead to long drawdowns.
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