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The broader cryptocurrency market is facing liquidation amid a decline in the prices of digital assets. CoinGlass data shows that liquidation across different exchanges amounted to $483.61 million in the last 24 hours.
Liquidations breakdown: ETH, SOL and XRP
Liquidation of long positions accounts for the majority of the wipeout on the market. Long position liquidations stood at $342.34 million, while short position traders liquidated $141.34 million in the last 24 hours.
Ethereum (ETH) led the altcoins with a total liquidation of $86.43 million. Long position traders saw a liquidation worth $44.76 million, with short positions accounting for $41.67 million. This comes as the price of ETH dropped to $3,317.76, marking a decline of 1.31% in the last 24 hours.
Notably, ETH dipped to a low of $3,209.21 in previous trading before beginning to post a rebound to the current level.
Solana (SOL) had twice as many long-position liquidations as short-position traders. SOL’s cumulative liquidation stood at $16.68 million, with $10.79 million and $5.90 million for long-position and short-position traders, respectively. The coin, which hit a low of $188.96, is currently being exchanged at $191.76. This marks a shift from Solana’s earlier bullish signs.
XRP’s total liquidation comes in at $14.16 million, of which $9.28 million represents a long position and a $4.88 million short position sell-off. XRP, though more resilient than the rest, has also experienced a 12.86% decline in trading volume to $7.72 billion, with its price currently at $2.32.
Analyst offers perspective
The bulk of the liquidations took place on Binance, OKX and Bybit. Binance had a total liquidation of $202.02 million, representing 41.69%. Long-position traders accounted for 70.97% of these liquidations.
OKX registered $140.33 million, or 28.96% of total liquidations. Bybit, with 18.98% of the losses, recorded $91.99 million cumulatively. Meanwhile, HTX and CoinEx account for about 10.02% of liquidations.
Analysts believe the rapid decline of Bitcoin, the leading digital asset, contributed to the widespread liquidation seen on the market. With speculation that Bitcoin has entered its distribution phase and likely will not record an appreciable surge soon, many investors appear cautious on the broader market.