In the cryptocurrency market, which has been showing bearish activity, the most liquidations in the last 24 hours were on the Ethereum (ETH) side.
The cryptocurrency market has been moving above certain levels for 12 days. However, Bitcoin (BTC), which experienced a drop of $ 400 the other day, also moved the general market products downwards. BTC, which burned red candles today and remained at the opening level, had a negative effect. In general, the pessimistic activity experienced by BTC also affected altcoins. On the day of the declines, the most transaction liquidations were experienced on the Ethereum side.
In The Last 24 Hours, Ethereum Liquidations Overtake Bitcoin!
According to data provided by Coinglass, $70 million has been liquidated from the markets in the last 24 hours. About 30 million of this amount was experienced on the cryptocurrency exchange OKX.
The majority of the liquidations in the last 24-hour period were in long (bullish) futures. The decline experienced by altcoins in the crypto market caused long transactions to explode. However, 61 percent of the $5 million liquidation on the Bitmex side consists of short (bearish) transactions. At this point, the effect of the cyclical movement of the markets comes to the fore.
In the last 24 hours, Ethereum took the lead with $21.8 million in liquidation. After Ethereum with the most liquidations, Bitcoin took the second place with $ 16.17 million liquidation.
Other Cryptocurrencies in the Ranking of Liquidation in the Last 24 Hours
According to the last 24 hours of data, Dogecoin (DOGE) was the third most liquidated cryptocurrency. There was a $3.84 million liquidation in the popular cryptocurrency. The majority of these liquidations were long-sided transactions.
Solana (SOL) took fourth place in the liquidation list. Solana, which has been on the agenda recently, drew attention with a decrease of 12 percent during the day. On the Solana side, a $3.01 million liquidation took place. SOL longs were liquidated due to the 12% drop.
Finally, Ripple (XRP) took the fifth place among the coins with the highest liquidation rates in the last 24 hours. On the XRP side, a $1.95 million liquidation took place.