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A total of $279 million in liquidations has hit the broader cryptocurrency market. Data from CoinGlass shows that top altcoins suffered more liquidation in the last 24 hours from long-position traders.
Crypto liquidations: Altcoins outlook
Notably, three altcoins, namely Solana (SOL), XRP and Dogecoin (DOGE), have experienced significant liquidation from investors.
Solana, which recorded a total liquidation of $37.11 million, saw $31.01 million wiped out from long-position traders. Traders who bet on short SOL only shed about one-sixth, or $6.10 million, of the total liquidation.
Arman ShirinyanXRP suffered the same liquidation imbalance, with long positions erasing about four times the amount wiped out by short-position traders. With XRP’s total liquidation at $10.71 million, traders who bet long on the token lost $8.36 million. As for short position traders, their liquidation stood at $2.35 million.
Dog-themed meme coin DOGE followed a similar liquidation trend as SOL. Long position traders erased one-sixth of the total liquidation of $8.51 million. This amounts to $6.94 million, while traders who bet short on DOGE cleared $1.57 million.
Interestingly, in the last 24 hours, all three assets have experienced a decline in their price action on the broader crypto market. This served as the basis for the drawdown.
Meanwhile, the hype about exchange-traded funds (ETFs) for XRP and Solana has not supported price stability in the short term.
Bitcoin resistance fuels market uncertainty
Over 85% of these liquidations occurred on four crypto exchanges: Binance, Bybit, OKX and Gate.io.
Binance registered the highest with 38.67%, or $104.03 million. Bybit, OKX and Gate.io recorded 18.66%, 18.43% and 11.61%, respectively. In monetary terms, this translates to $50.18 million, $49.59 million and $31.24 million, respectively.
Tomiwabold OlajideExperts note that these altcoins suffered such severe liquidation due to persisting price resistance on Bitcoin. Notably, since Feb. 3, when Bitcoin’s price dipped below the $100,000 level, it has not breached the psychological mark.
As reported by U.Today, some Bitcoin key indicators signal the coin could crash to as low as $80,000.
Dan Burgin
Vladislav Sopov