BTC, ETH, XRP, SOL & DOGE lead $709M Crypto liquidations

Over the past 24 hours, the cryptocurrency market experienced a notable downturn, with its overall value receding to $3.70 trillion. Bitcoin, in particular, dipped below $115,000 for the first time in recent trading sessions. According to data from CoinGlass, total liquidations across the crypto market amounted to $709.39 million, impacting 161,401 traders.

Ethereum's price action was also noteworthy. As it approached the $4,000 mark, a sudden price correction triggered significant liquidations, peaking at $265.71 million. Long positions accounted for $234.25 million of this total, while short positions represented $31.46 million.

In the subsequent 12 hours, Ethereum continued to lead in liquidations, reaching $140.73 million. This comprised $126.67 million in long positions and approximately $14.05 million in short positions. The largest single liquidation order occurred on Binance, involving an ETHUSDC trade valued at $4.45 million. Bitcoin, XRP, Solana, and Dogecoin also experienced substantial liquidations during this period.

Bitcoin liquidations surpassed $160 million, reaching $162.84 million, with $152.68 million in long positions and $10.16 million in short positions. In the last 12 hours, BTC's liquidation reached $75.22 million. This surge in liquidations contributed to Bitcoin's price falling below $115,000. As of this writing, it is trading at $113,507, reflecting a decrease of 1.60%.

Data from CoinMarketCap indicates that Bitcoin's total trading volume has increased by 2.80%, reaching $78.99 billion, with $79,566,807,596 from centralized exchanges and $129,674,537.

Solana's liquidations totaled $40.27 million, predominantly driven by long positions, with only $4.10 million in short positions. This downward pressure pushed SOL's price close to the $160 level.

Interestingly, the pace of liquidations in Solana over the past 12 hours, peaking at $25.48 million, suggests that long traders are initiating more pullbacks than short traders.

XRP's liquidations reached $28.03 million, with $22.67 million in long positions and nearly $7 million in short positions. This increase in liquidations has caused its trading price to fall below $2.91 in the past 24 hours, after reaching a high of $3.05.

Dogecoin, a prominent memecoin, experienced liquidations comparable to other altcoins. Over the past 24 hours, total DOGE liquidations amounted to $25.39 million, with $22.38 million in long positions and $3.01 million in short positions.

Following these liquidations, Dogecoin's price experienced a 4.42% decrease, falling to $0.1965. Its trading volume has reached $2.96 billion, reflecting an increase of approximately 22.01%.