Crypto liquidations have been ramping up coming out of the weekend. The market had recorded a number of dips that saw more than $80 billion shaved off the crypto market. This had meant that bitcoin had declined to the $38,000 territory and had taken the rest of the market with it. However, contrary to expectations that the digital asset would record the most liquidations, that title had been claimed by the second-largest cryptocurrency, Ethereum.
Bitcoin, Ethereum Lead Liquidations
Bitcoin liquidations were no doubt one of the highest in the space. Being the biggest digital asset in the crypto market, bitcoin traders usually bear the brunt of it whenever there’s a large liquidation effect. But this time around, it had placed second behind Ethereum liquidations as the price of the cryptocurrency had fallen to the low $2,800s.
BTC declines to $38,000 | Source: BTCUSD on TradingView.com
In the last 24 hours, bitcoin had seen a total of $72 million in liquidations. The interesting fact about this though is the fact that the majority of these liquidations had taken place in the last 12 hours alone as at the time of this writing. More than $48 million had been liquidated at press time. Long traders had also made up the majority of this given that the price of the digital asset was in a decline. However, there were some short liquidations sprinkled here and there for the bitcoin.
Ethereum liquidations followed the same pattern of the majority of liquidations happening in the past 12 hours. The second-largest cryptocurrency by market cap had seen approximately $80 million in liquidations in the last 24 hours with $65 million of those liquidations happening in the past 12 hours alone.
Related Reading | TA: Ethereum At Clear Risk of More Losses Below $2,800
The digital asset had taken the top spot for the cryptocurrency with the most liquidations with long traders taking the most hits. On the four-hour chart though, Ethereum is faring better as Bitcoin has taken the lead with $6.24 million in liquidations. ApeCoin comes a close second with $5.46 million in liquidations. These have come out to be mostly short liquidations as the beloved BAYC token recovered above $17 once more.
Total market liquidations surpass $300 million | Source: Coinglass
In total, the crypto market had recorded more than $300 million in liquidations in the last 24 hours. The 12-hour chart makes up more than 60% of this volume as $234 million has been liquidated in this time period.
Related Reading | Bitcoin Struggles To Breach $40,000 Level, Down 4% In Last 24 Hours
Other digital assets taking a hit include LUNA which has recorded $1.1 million in liquidations in the past four hours. Meme coin Dogecoin came out to $418.84K liquidated on the four-hour chart.
Featured image from Coindesk, chart from TradingView.com