In the past 24 hours, liquidation has affected more than 80,000 crypto merchants. BTC, ETH, and altcoin prices have increased, necessitating the liquidation of more than $238 million.
Liquidations from Bitcoin (BTC) and other crypto have increased by as much as $238 million in the past 24 hours. CoinGlass data confirms that 80,028 merchants were liquidated during this period, with a total liquidation total of $238.94 million. The greatest single liquidation order occurred on Bitmex, which is noteworthy.
The value of this singular, enormous transaction was $22.71 million in ETHUSD. It is intriguing that the liquidation occurs concurrently with an industry-wide price increase that occurred subsequent to Donald Trump’s victory in the 2024 presidential elections in the United States.
Ethereum, the second-largest cryptocurrency by market valuation, is dominating the liquidation on all time frames. According to the one-hour chart, various exchanges liquidated more than $808,430 in ETH. Ethereum’s liquidation totaled $61.09 million within 24 hours. The liquidation of long positions totaled $13.45 million, while short positions accounted for $47.64 million.
Bitcoin, with a market capitalization of $55.22 million, constitutes Ethereum’s closest competitor. BTC has long positions valued at $23.85 million and short position liquidations valued at $26.37 million.
In the past 24 hours, liquidations of other altcoins, such as Solana (SOL), Dogecoin (DOGE), XRP, and PEPE, totaled up to $23.76 million. The liquidation also included NEIRO, a self-proclaimed Dogecoin successor, which amassed a total of $7 million.
Binance, the foremost cryptocurrency exchange, was responsible for a substantial portion of these liquidations.
Bitcoin has achieved a new all-time high (ATH) in response to the resurgence of market momentum. The flagship cryptocurrency is currently trading at $76,172.24, which represents a 1.42% increase in the past 24 hours. The BTC market valuation has increased even further, currently standing at $1.51 trillion. Over the past week, Ethereum has experienced a more than 16% increase, bringing it closer to the $3,000 mark.
Based on data from CoinMarketCap, the largest altcoin has a current market value of $2,935.77, following a 4.32% increase in the past 24 hours. Several market analysts anticipated Ethereum’s post-election performance in accordance with Trump’s intention to incorporate digital assets into the US financial system.
Despite the anticipation, the performance exceeded expectations, which surprised numerous market observers.
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