Crypto Market Faces $335M in Liquidations, Ethereum and Bitcoin Lead the Crash
Release: 2024/08/29 02:41 Reading: 834
Surge in Liquidations Highlights Cryptocurrency Market Volatility
The cryptocurrency market has witnessed a wave of liquidations in the past 24 hours, reaching a staggering $334.93 million, as reported by crypto analytics firm Phoenix. This figure underscores the significant volatility traders face in the market.
Ethereum Leads with Liquidations, Bitcoin Follows
Among cryptocurrencies, Ethereum (ETH) has recorded the highest liquidation value of approximately $105.02 million. This substantial amount reflects the market's instability for Ethereum and the challenges faced by ETH traders. Bitcoin (BTC) follows with liquidations totaling $100.34 million. Given Bitcoin's market dominance, its liquidations account for a significant portion of the overall figure.
Solana and Pepe Also Impacted
Other cryptocurrencies experiencing notable liquidations include Solana (SOL) with $14.29 million and Pepe (PEPE) with $4.24 million. The high liquidations for Solana indicate an active trading environment, while PEPE's liquidations highlight the market's impact on meme-based tokens.
Dogecoin Not Immune to Volatility
Dogecoin (DOGE), a popular coin, has also faced liquidations of $3.81 million. Although not as high as other liquidations, this amount demonstrates that DOGE holders are not immune to market fluctuations.
Cautious Approach Required
The surge in liquidations, as reported by Phoenix, paints a picture of heightened volatility and its effects on specific cryptocurrencies. Traders and investors are advised to monitor the situation closely and exercise caution to mitigate potential losses.
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