In the last 24 hours, Bitcoin ($BTC) has been at the forefront of the cryptocurrency market, with liquidations reaching approximately $140.77 million. According to Phoenix, a leading crypto media outlet, this significant figure is part of a total of around $526.34 million liquidated across the entire crypto market. These figures reflect ongoing volatility and risk among traders.
Ethereum Sees $109.36 Million Liquidations Following Bitcoin
After Bitcoin, Ethereum ($ETH) also experienced massive liquidations of about $109.36 million. Being the second largest cryptocurrency, Ethereum market price fluctuation tends to have an impact on other cryptocurrencies. It is one of the most used cryptocurrencies for its smart contract feature However it has recently been highly volatile leading to high selling pressures and subsequently high liquidations.
Solana ($SOL) was liquidated for about $18.92 million. Solana has recently emerged, as a high-speed blockchain with low fees, and it has attracted both developers and users. However, it can be very expensive, and there are frequent pumps and dumps that lead to massive liquidations whenever traders are pushed to the edge during a bear market.
Sui ($SUI) which is relatively newer to the market faced about $11.93 million in liquidations. Although Sui has relatively new characteristics and a constantly increasing demand, it remains vulnerable to fluctuations that can lead to traders’ margin calls.
Pepe ($PEPE) Faces $10.42 Million in Liquidations Amid Market Volatility
A meme-based cryptocurrency known as Pepe ($PEPE) recorded approximately $10.42 million in liquidations. Despite starting as a meme coin, Pepe has garnered a loyal community of fans. However, it has high volatility, which leads to mass sell-offs for those who trade it, which is a typical meme token characteristic.
Overall, the high liquidation amounts, reported by Phoenix, in these top five selected leading cryptocurrencies reveal the present volatility in the market. This may cause heavy losses and force traders to sell off their positions in order to cut their losses. Market conditions may also change in the future. Therefore. investors should also stay in touch and get updated with market conditions and changing the risk management strategies. Ultimately, understanding market dynamics and being prepared for potential liquidations can help traders navigate the complexities of the cryptocurrency landscape.
