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More Than 42K Traders Liquidated in 24 Hours, Here's How Much They Lost

Tue, 01/10/2023 - 13:14
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Godfrey Benjamin
Despite mild volatility atop bullish market growth, many traders still got liquidated
More Than 42K Traders Liquidated in 24 Hours, Here's How Much They Lost
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The market may well be on a positive growth path as seen over the past 24 hours, so many short traders are still being liquidated. Per data from Coinglass, a total of 42,040 traders have been liquidated in the past 24 hours, showing how unpredictable the market is generally.

According to the data, these traders have lost a cumulative valuation of $110.64 million across more than 12 major cryptocurrencies. Ethereum (ETH) recorded the highest liquidations within this time frame, the second time in about two weeks that the digital currency will be topping the charts.

An approximate total of 19.81 ETH tokens were liquidated at a value of $26.29 million. By contrast, only 924.59 BTC units were liquidated with a monetary value of $15.93 million. The other digital currencies that make up the top five most liquidated coins include Gala (GALA), Aptos (APT) and Solana (SOL).

By a very large percentage, Binance recorded the most liquidations over the given time frame, a trend that aligns with the current outflow of funds from the world's largest trading platform by volume. Per Coinglass data, a total of 79.36% of short positions were liquidated across the board.

Mild volatility in crypto

The liquidation number was minimal compared to previous events that may be worth hundreds of millions of dollars in value. The minimal liquidation record stems from the mild volatility that is being showcased in the crypto ecosystem across the board.

The combined digital currency market cap is pegged at $850.29 billion atop a marginal loss of 0.23% over the past 24 hours. Of the liquidated coins mentioned above, only Solana is trading at a loss of 2.33% at the moment, lending credence to the idea that there is mild volatility across the board.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.