In the past 24 hours, the cryptocurrency market has experienced significant turmoil, with total liquidations reaching up to $334.93 million, according to data from Phoenix, a crypto analytics source. This size shows that the market suffers from a very significant level of volatility as traders deal with greater risks and losses.
LIQUIDATION DATA IN 24 HOURS TOTAL LIQUIDATIONS: UP TO $334.93M TOP 5 COINS WITH HIGHEST LIQUIDATION: $ETH ~ $105.02M $BTC ~ $100.34M $SOL ~ $14.29M… pic.twitter.com/szQesNYzCY
— PHOENIX – Crypto News & Analytics (@pnxgrp) August 28, 2024
Ethereum Leads with $105.02M in Liquidations; Bitcoin Follows with $100.34M
Among the cryptocurrencies, Ethereum ($ETH) has reached the highest liquidation value of about $105.02 million. Such a large number shows significant shifts in the market for Ethereum and the problems that traders with Ethereum assets face. Next is Bitcoin ($BTC) with $100.34 million in liquidations. Because Bitcoin occupies such a large market share, its liquidity represents a large part of the total figure.
Other widely impacted cryptocurrencies include Solana ($SOL) which saw $14.29 million in liquidations. This ranking alerts that Solana has an active trading environment and that this ranking is close to the current market environments.
On the other hand, another example of meme-based tokens, Pepe ($PEPE) has also suffered losses in the form of liquidations of approximately $4.24 million. Pepe might not be as active as Ethereum or Bitcoin, but its trading activity has still led to significant liquidations.
High Crypto Volatility Affects Dogecoin with $3.81M in Liquidations
Another popular coin, Dogecoin ($DOGE), was also washed out with $3.81 million in liquidations. Although the liquidation amount is not as massive as the aforementioned coins on the list but Doge holders are not immune to the volatility of the market.
Taken together, all these liquidations, reported by PHOENIX, paint the picture of high fluctuations in the market and its influence on specific cryptocurrencies. In these difficult circumstances, traders and investors will need to keep abreast of the situation and take necessary precautions to avoid losses.
