On September 7, 2024, the cryptocurrency market witnessed significant price movements, with several assets experiencing strong rallies. According to a report by PHOENIX, a leading crypto media outlet, the standout performer was $STRK, which surged by an impressive 16.90%, reflecting a surge in market interest. This tremendous spike placed $STRK at the front line of the best performers for the day.
Daily Summary on September 7, 2024$STRK $BRETT $SUI $ONDO $THETA $BTC $ETH $SOL $DOGE $SUI#dailysummary #DeFi #Crypto pic.twitter.com/Cjy0icQiEe
— PHOENIX – Crypto News & Analytics (@pnxgrp) September 7, 2024
$BRETT Jumps 11.32%, Leading Strong Market Gains After $STRK
Among these top gainers, $BRETT displayed notably higher price by 11.32%, and $SUI also demonstrated a sharp increase by 10.23%. The coins $ONDO and $THETA also had impressive gains with both increasing by 8.72% and 8.66% respectively.
These price bounces reinforce the upward trends witnessed in the markets, and this could be attributed to investors’ enthusiasm in the projects or other favorable outcomes of the projects.
Bitcoin Leads with $114.9M in Liquidations Amid Market Volatility
On the other hand, there was also increased liquidations among the crypto traders. Among the largest liquidations were Bitcoin ($BTC) with $114.90 million in liquidated positions. Next on the list was Ethereum ($ETH) experiencing $71.69 million worth of liquidations proving that the crypto market remains highly unpredictable.
According to the report from PHOENIX, other leading cryptocurrencies also experienced substantial liquidations. The liquidations stood at $14.92 million for Solana ($SOL) and $4.78 million for Dogecoin ($DOGE). Not even the top gainers were exemptions, and $SUI, for instance, had $4.44 million in liquidated positions. This makes it clear that even with the price bounces, the market volatility remains a threat to traders.
Liquidations are normally occurred when trading positions fail to meet margin call and force selling to take place. The data also highlighted the fact that while some of the traders secured good profits based on the price direction, more severe losses appeared due to the fluctuation of price.
Lastly, PHOENIX described the duality of the crypto market on the 7th of September, 2024. Some assets registered impressive gains in prices, but liquidations played an important role indicating that trading with crypto involves a certain level of risk. This shows that cryptocurrency market is very volatile and unpredictable as it was evidenced by events that transpired during the day.
