As of October 13, 2024, the cryptocurrency market has experienced notable fluctuations, with certain assets seeing significant price bounces while others faced substantial liquidations. According to reports from Phoenix, a leading crypto analytics outlet, the bounce movements and liquidations highlight the ongoing volatility in the market.
Daily Summary on October 13, 2024$APT $TIA $SUI $SEI $BRETT $BTC $ETH $SUI $NEIRO $TURBO#dailysummary #DeFi #Crypto pic.twitter.com/sZ9Zx6oW1p
â PHOENIX â Crypto News & Analytics (@pnxgrp) October 13, 2024
APT Leads the Crypto Market with 19.60% Surge
The $APT token emerged as the marketâs leader and registered an increase of 19.60%. This sharp rebound has drawn the attention, which confirms the fact that investors are regaining their confidence in the asset. Likewise, $TIA rose by a good 12.15% suggesting good buying interest and a bullish run was also observed in $SUI which had risen by 10.67% for the day as it had done for the preceding days.
Other significant bounces of the day were $SEI by 8.57% and $BRETT by 5.88%. These bounces are evidence of positive market sentiment toward these tokens although the overall market is very much prone to volatility.
Bitcoin Faces $12.65 Million in Liquidations Amid Volatile Market
On the other hand, along with these price hikes, the market witnessed high levels of liquidation, especially of large capital investment. Bitcoin ($BTC) had the highest liquidation rates, with $12.65 million of positions being closed. This aggressive liquidation puts into focus the fluctuation of Bitcoin and the effects it has on leveraged traders. There was significant selling pressure in Ethereum ($ETH) as well, as it posted $9.02 million in liquidations. It probably indicates market adjustments to the recent downturn and investor concern.
Besides Bitcoin and Ethereum, $SUI recorded $6.38 million in liquidations even though it has recently rebounded. Even $NEIRO token was not spared as $4.22 million of positions were closed. At the same time, $TURBO experienced $2.92 million in liquidations, meaning that smaller market participants are also starting to experience the pressure of the current market.
Ultimately, these liquidations demonstrate the dangers of excessive use of leverage in trading cryptocurrencies since rapid price shifts lead to forced sales, as indicated by Phoenix. That is why investors and traders should pay their close attention to such factors, both the positive ones that let them get extra profit and the negative ones that may be a result of such unstable market shifts.
