The liquidation of the crypto market has exceeded USD 119 million, a sign of the inherent volatility of the market
The digital currency ecosystem is experiencing one of its worst days of the week with the valuation falling 1.47% in the last 24 hours to $1.10 trillion. The price crash has led to massive liquidations on exchanges, with a total of $119.92 million lost. according to CoinGlass data.
Within the time under review, Bitcoin (BTC) remains the asset with the most liquidations. The main digital currency has lost a total of $46.17 million split so that long traders accounted for $35.95 million, with short traders taking up the rest.
Ethereum (ETH) liquidations followed those of Bitcoin with more than $23 million liquidated. Other altcoins with significant liquidations include the popular PEPE meme coin, which has lost a total of $2.84 million. PEPE was followed by Litecoin (LTC), ARPA Network (ARPA), and Fantom (FTM), respectively.
Settlement in the digital currency ecosystem is not a rare event and many traders pray for such wide price drops that they serve as a perfect entry point. As one of the most volatile ecosystems in the financial world, these selloffs are bound to become more frequent, especially considering the fact that most altcoins have small caps that can easily give in to price shocks.
Next steps to follow
With the current market slump still on the horizon, we can expect a series of definite individual moves for some cryptocurrencies in the market. just as it was projected For XRP, many altcoins with a deep focus on building their utility and infrastructure may become more attractive to the community if the price slump continues much longer.
All eyes are also on Bitcoin, which has maintained a strong correlation with major US stock indices such as the Nasdaq Composite and S&P 500. Macroeconomic events may also have an underlying impact on the outlook shift. of Bitcoin, as well as that of the market in general. the medium to long term.
