In a staggering turn of events, the cryptocurrency market has experienced significant liquidation activity, with a total of $2.04 billion wiped out in the past 24 hours. This figure highlights the extreme volatility that has gripped the market, resulting in widespread liquidations across major digital assets. The data, presented by a liquidation heatmap, shows the scale of this market disruption, with Ethereum (ETH) and Bitcoin (BTC) leading the way in total liquidation value.
According to Lookonchain,Ethereum (ETH) and Bitcoin (BTC) dominate the liquidation landscape, with ETH seeing a staggering $531.65 million in liquidations, while Bitcoin follows closely behind with $379.90 million in total liquidations. These two leading cryptocurrencies have long been the bellwethers of the market, and their performance continues to significantly influence broader market trends.
The liquidation heatmap indicates that a large portion of this total is due to long positions being liquidated. In the past hour alone, Ethereum and Bitcoin accounted for substantial amounts of liquidations in both short and long positions, with Ethereum leading the way in both categories. Ethereum’s dominance in the market is evident, but its recent price action has also contributed to heightened risk and liquidation levels for traders heavily positioned in the asset.
Other Cryptocurrencies Drive Liquidation Spike
In addition to ETH and BTC, the “Others” category, which includes a range of cryptocurrencies such as Solana (SOL), Dogecoin (DOGE), and XRP, has contributed an additional $423.65 million to the total liquidation amount. Solana saw $78.14 million in liquidations, while XRP, a perennial favorite in the market, contributed $100.51 million. These assets, although not as large in market cap as Ethereum or Bitcoin, have played a significant role in driving overall liquidation figures. Their involvement in the broader market trend underscores the heightened risk environment across all tiers of the crypto ecosystem.
The past 24 hours also saw some eye-watering individual liquidation orders. The largest single liquidation order occurred on Binance, involving Ethereum (ETH) worth $25.64 million. This record-sized liquidation highlights the magnitude of the sell-off, as institutional traders and large market players felt the brunt of the market’s volatility.
Across the 1-hour, 4-hour, and 12-hour timeframes, liquidations totaled $856.68 million, $1.81 billion, and $1.57 billion, respectively. These figures highlight the short-term nature of this market stress, with the largest percentage of liquidations occurring within the 24-hour period. However, the market seems to be experiencing a gradual rebound, with $731.01 million in long positions liquidated in the past hour, and some signs of stabilization emerging, though it remains unclear whether this trend will continue.
Looking ahead, market participants will likely be closely watching how the market recovers from these massive liquidations. While the crypto space has proven resilient in the past, these liquidations could signal the need for caution in the short term, especially for traders caught on the wrong side of the market’s unpredictable movements. The magnitude of these liquidations is a wake-up call for the crypto community to stay vigilant amidst volatile price action.
