- Ethereum and Bitcoin lead the liquidation surge, signaling market vulnerability.
- Widespread turbulence affected various tokens, beyond just Ethereum and Bitcoin.
- Liquidation spikes align with price movements, highlighting market volatility.
The cryptocurrency market experienced a significant downturn, with over $800 million liquidated in the last 24 hours. According to Satoshi Sniper, an analyst, in that period, 278,013 traders were liquidated, highlighting the widespread impact of the market’s volatility.
Ethereum (ETH) and Bitcoin (BTC), two major cryptocurrencies, were heavily impacted. Other tokens also faced notable liquidation levels, painting a picture of widespread turbulence across the market.
Ethereum and Bitcoin Lead Liquidation Activity
Ethereum topped the charts with $1.05 million in liquidations within an hour, marking it as the most affected asset. Bitcoin followed closely, recording $597.71K in liquidations during the same timeframe. This trend underscores the vulnerability of these leading cryptocurrencies to sudden market swings, particularly during periods of high volatility.
Other Tokens See Substantial Losses
Besides Ethereum and Bitcoin, several other tokens faced significant liquidation levels. UXLINK recorded $311.64K in liquidations, followed by PENGU at $249.32K and XRP at $243.19K. These figures highlight that market turbulence extended beyond the leading assets, impacting a broad range of tokens.
Notable tokens like HBAR and MOV saw liquidations of $210.64K and $148.36K, respectively. Meanwhile, VANA recorded $130.14K in liquidations. Smaller tokens, including MOCA and USUAL, also experienced liquidations below the $150K mark, indicating widespread market pressure.
Patterns in Liquidations and Market Trends
Coinglass liquidation data over the past months reveals an alternating pattern of short and long-position liquidations. These fluctuations often align with notable price trends and market events. Significant spikes occurred in early August, mid-November, and December, coinciding with heightened price activity and increased volatility.
From late October, prices showed a gradual upward trend, driven by investor sentiment and market developments. November and December saw pronounced liquidation activity, highlighting the impact of sudden price movements on traders with leveraged positions.