The crypto market recorded about $543 million in liquidations from 122,338 traders with several digital assets, including Bitcoin, Ethereum, and Solana, in the spotlight.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
The cryptocurrency market has seen 122,338 traders liquidated in the last 24 hours. This shift in broader market sentiment led to total liquidations worth $543 million.
Interestingly, this coincides with a notable uptick in the performance of digital assets like Bitcoin BTC $111 331 24h volatility: 2.2% Market cap: $2.21 T Vol. 24h: $35.77 B , thereby confirming that the crypto liquidations hit short traders the hardest.
The most significant single liquidation order to hit the cryptocurrency market occurred on Huobi, formerly known as HTX. The BTC-USDT transaction was valued at approximately $51.56 million.
Of the $543 million in crypto liquidations, BTC was most affected, incurring losses of up to $234.15 million.
Unfortunately, short traders suffered more than 90% of these liquidations, according to the Coinglass liquidation heatmap. It is worth noting that Bitcoin’s price has recently staged an ambitious recovery, with the coin gaining a few percent in a push to hit a new all-time high.
At press time, BTC was trading at $111,122.33, having increased by 1.92% over the last 24 hours.
In addition, its market capitalization has jumped to $2.21 trillion while the 24-hour trading volume of the coin has equally spiked by more than 40%.
The surge has resulted in a jump in the Crypto Fear & Greed Index to a “Greed” score of 71, indicating rising market optimism amid a push to hit $120,000. At this rate, crypto analysts and market observers are ready to project that the value of Bitcoin may soon hit $120,000.
Ethereum ETH $2 772 24h volatility: 4.5% Market cap: $334.71 B Vol. 24h: $30.28 B liquidations also totaled $157.96 million, with short traders bearing a significant portion of the incident. Solana SOL $156.5 24h volatility: 1.7% Market cap: $83.87 B Vol. 24h: $6.30 B , Ripple-associated XRP $2.45 24h volatility: 2.9% Market cap: $144.40 B Vol. 24h: $4.17 B , Dogecoin DOGE $0.18 24h volatility: 4.0% Market cap: $26.97 B Vol. 24h: $2.51 B , and other meme coins were also liquidated in the process.
Liquidation heatmap. Source: coinglass.comThe selloffs resulted in the liquidation of $543 million in digital assets, including BTC, ETH, SOL, and DOGE.
Bitcoin recently hit a new all-time high of $112,000, with hopes of testing the $120,000 milestone soon.
Just a week ago, the crypto market saw $333.59 million in liquidations from 97,654 traders across various digital assets.
The latest spike marks a clear shift in sentiment as prices had been trending downward weeks prior, likely leading short traders to misjudge the current momentum.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
