According to data provided by crypto analytics platform CoinGlass, a whopping $2.21 billion worth of crypto has been liquidated over the past 24 hours.
Long positions account for the overwhelming majority of the wipeout ($1.87 billion).
Global trading platform Binance is first based on the amount of liquidations.
Alex DovbnyaThe Ripple-affiliated XRP token is down nearly 25% over the last 24 hours, becoming the worst-performing cryptocurrency in the top 10 alongside Dogecoin (DOGE) and Cardano (ADA).
Godfrey BenjaminSome other major tokens, including Ethereum (ETH) and BNB, have also recorded double-digit losses.
Apart from stablecoins, not a single top 100 cryptocurrency is in the green amid a truly brutal sell-off that caught many market participants off-guard.
Bitcoin's 6% drop does not feel as dramatic compared to some of the top altcoins. The market share of the leading cryptocurrency has grown significantly during the recent correction, surpassing the 60% mark.
A sustainable rally?
XRP's downfall is quite notable given that the token stole the show in the fourth quarter of 2024 with its massive gains while surging to the third spot by market capitalization.
As reported by U.Today, Ripple recently opined that the Bitcoin rally was sustainable due to the fact that it was driven by spot buying.
However, it remains to be seen whether the token will manage to pare these losses in the near future.
As reported by U.Today, XRP reached a new record high on several new cryptocurrency trading platforms on Jan. 16 after failing to set a new record peak for seven years.
Dan Burgin
Vladislav Sopov