A staggering $2.21 billion worth of cryptocurrencies were liquidated in just the past 24 hours, according to data from crypto analytics platform CoinGlass. The majority of this wipeout, $1.87 billion, comes from long positions, highlighting the vulnerability of traders who were betting on further price increases. Among global trading platforms, Binance stands out as the leader in liquidation volume, reflecting the widespread impact of this sell-off.
The Ripple-affiliated XRP token has suffered significantly, plummeting nearly 25% in the last 24 hours. This sharp decline places XRP among the worst performers in the top 10 cryptocurrencies, alongside Dogecoin (DOGE) and Cardano (ADA). XRP’s sharp drop is part of a broader market trend, where a majority of major tokens are experiencing double-digit losses.
Ethereum (ETH), one of the largest cryptocurrencies by market capitalization, also saw a notable downturn, alongside Binance Coin (BNB). With red dominating the charts, it’s clear that not even the most established coins are immune to this wave of liquidation and market volatility.
Interestingly, stablecoins are the only assets that have remained relatively stable, with no significant fluctuations. However, in a sign of the broader market distress, every top 100 cryptocurrency, aside from stablecoins, has been in the red. This collective downturn raises questions about the sustainability of the ongoing bear market and the potential for further volatility in the short term.
As traders and investors brace for more price swings, the recent liquidations serve as a stark reminder of the risks involved in the volatile world of cryptocurrencies. While market sentiment remains largely negative, the situation underscores the need for caution and strategic decision-making in these uncertain times.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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