The cryptocurrency market has experienced a significant downturn in the past 24 hours, with liquidations totaling nearly half a billion dollars, according to data from CoinGlass. Among the casualties of this market turmoil were long positions, representing the majority of the $455 million in liquidations.
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Analysis indicates that over 60% of long positions on the crypto market were liquidated following an 8% decline, equating to more than $263 billion, according to the TOTAL index. Consequently, the overall capitalization of the cryptocurrency market, inclusive of major assets like Bitcoin, Ethereum and various altcoins, dropped to $2.3 trillion.
XRP, SHIB and Bitcoin
Among the most “angry” cryptocurrencies that have caused the greatest damage to traders are Bitcoin, XRP and Shiba Inu (SHIB). Thus, the main cryptocurrency took a third of the volume of all liquidations against the background of an 8.4% drop in its price over the past day.
Interestingly, however, the ratio of long and short positions with Bitcoin liquidated is not very high – 54.5% versus 45.5% – which rather indicates how the price action of Bitcoin managed to deceive both sellers and buyers who did not get into the timing and apparently made overly emotional decisions.
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As for the other two popular cryptocurrencies – XRP and SHIB – there are fewer liquidations, but the ratio of longs to shorts is more interesting. Thus, according to the data, XRP liquidations of purchases are 3.5 times higher than sales with a total figure of $ 2.78 million. The Shiba Inu token has a total liquidation rate of $2.56 million over the past 24 hours, but only $300,000 more long positions were lost.
The beginning of the week on the crypto market cannot be called anything but a bloodbath.
