In the significant development, the crypto market bounced back today on 28 November. $ENS led the way with a 45.93% increase. Phoenix, a top crypto data provider, noted the big jump, marking $ENS as the day’s biggest winner. However, the market also saw significant liquidations. Bitcoin ($BTC) experienced the highest liquidations, with $75.07 million worth of positions being closed.
$ENA and $PYTH Soar as $BTC Struggles with $75M Liquidation
Moreover, $ENA increased by 14.11% capturing the second spot in the list. $PYTH increased by 12.17% and $BEAM increased by 11.63%. Fifth in the list is $ETC which increased by 11.46%. These gains were impressive and augmented the market’s improvement.
Unfortunately, Bitcoin ($BTC) was not as lucky. This was the highest liquidation recorded today, $75.07 million worth of BTC positions were liquidated. This revealed a lot of pressure on long positions. Ethereum ($ETH) also saw some big liquidations. $60.22 million in ETH positions were liquidated.
Dogecoin ($DOGE) also got affected not sparing by liquidation of $18.03 million worth of DOGE. Ripple ($XRP) had $10.12 million in liquidations $THE had $7.29 million in liquidations. These figures depict that the market is very much unstable as people previously anticipated.
However, there were good signs on the market even though many people were getting liquidated. The bounce was considered as a positive change. This was cheered by traders from the advance. Yet, caution remains. The market is still volatile.
Small Tokens Help Stabilize Market Amid $BTC, $ETH Liquidations
More significant increases were seen in the smaller tokens like $ENA, $PYTH, $BEAM, and $ETC. The largest gain for the day was seen in $ENS surging 45.93%. It was a little positive note in the middle of the liquidations.
The high liquidations of Bitcoin and Ethereum proved that pressure is still present. However, the combined increase of small tokens added balance to the situation. This can mean that the market is on the rise in some aspects as indicated by the image below. But the volatility is rather evident and big selloffs are not unheard of hence investors always on their toes.
Moving forward, the market has to check whether the recent gains are sustainable or not. On the other hand, the current bounce implies a rebounding but this is not a certainty in the current economic environment. Ultimately, the crypto market is characterized by such changes at any given time.
