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CoinGlass data reveals that $676 million of cryptocurrency has been liquidated over the last 24 hours. This liquidation comes as the leading digital currency, Bitcoin (BTC), registered a massive breakout that surpassed $100,000.
Bitcoin leads crypto liquidation falloff
Overall, in the past 24 hours, 208,238 traders were liquidated, with total liquidations coming in at $676.21 million. Long positions accounted for most of these liquidations at $372.79 million, while short positions were $69.37 million less at $303.42 million.
The largest liquidation registered is Bitcoin, with $182.52 million. The CoinGlass data shows that most Bitcoin liquidations were registered by traders who took the short position. A total of $134.82 million BTC were liquidated, while the long position saw a $47.69 million loss.
Ethereum and XRP followed with $92.16 million and $55.90 million, respectively. Like BTC, Ethereum saw more short positions ($61.15 million) liquidated than long positions ($31.01 million). XRP flipped the pattern, with more long traders ($39.41 million) liquidating than short traders ($16.49 million).
OKX, Binance and Bybit are in the lead regarding the exchanges where the biggest liquidations took place. These had total liquidations of $260 million, $163 million and $159 million, respectively.
What’s next for market?
Bitcoin has been performing bullishly over the past week. The coin peaked on the night of Dec. 4, when it crossed the psychological level of $100,000. Analysts believe this triggered extreme greed among traders.
Despite these liquidations, data shows that the market volume of Bitcoin has surged by 88.19% to $128.20 billion as investors’ interest continues to grow. The price has remained fairly stable between $103.500 and $101,600 since it crossed the $100,000 milestone.
Similarly, Ethereum has registered a 5.29% increase to $3,930.35, with market volume up by 48.21% to $65.74 billion. However, XRP tells a different story, as the price has dipped by 7.9% to $2.40. XRP’s market volume has also dropped by 26.90% to $26.58 billion.
Amid this price action, experts see more price rallies ahead, with Samson Mow projecting a $1 million target for Bitcoin.