Over $1.1 Billion in Cryptocurrency Liquidations as Investors Act Amidst Market Surge
In a recent update, the cryptocurrency market witnessed a significant uptick in liquidations, with over $1.1 billion in assets liquidated in over 24 hours, which marks an increase from the previous day’s total of $715 million.
As the overall market experiences a surge, investors are capitalizing on their assets amidst the bullish trend.
The recent bullish sentiment surrounding cryptocurrency can be attributed to various factors, notably the anticipation of the Bitcoin halving expected in March. This anticipation has propelled Bitcoin’s value to near all-time highs, subsequently boosting the prices of many altcoins and other leading cryptocurrencies.
Breakdown of the $1 Billion Cryptocurrency Liquidation
According to recent data from Coinglass, over the past 24 hours, a total of 318,221 cryptocurrency traders were liquidated, amounting to over $1.19 billion.
Bitcoin stands out as the leading asset liquidated, with traders cashing in over $340 million in BTC. Ethereum follows closely behind, with liquidations totaling over $202.44 million in ETH.
The largest single liquidation order occurred on the Bitmex exchange, where one trader liquidated LINKUSD valued at $11.35 million.
Binance emerged as the exchange with the highest liquidation value, with over $467.42 million in liquidations. Additionally, newer meme coins like FLOKI, WIF, and PEPE are also seeing liquidations, as early investors capitalize on these assets.
The surge in liquidations compared to previous hours indicates a belief among traders that the market may have reached its peak.
Despite many coins, including ETH and SHIB, not yet reaching their all-time highs, the surge in cryptocurrency prices may not have peaked yet. In fact, the increase in liquidations suggests that traders anticipate a potential downturn in the near future. However, with the Bitcoin halving looming, it remains to be seen whether BTC and other coins will continue to rise.
As the week progresses, it will be intriguing to observe whether further liquidations occur amidst the ongoing surge in cryptocurrency prices.
