Ethereum has surpassed Bitcoin in overall liquidation volumes after falling below $1,900, causing turmoil in the crypto market.
Market Volatility and Its Impact
According to Coinglass data, Ethereum witnessed a staggering $135 million in liquidations while Bitcoin neared $118 million. The total liquidation amount for the past 24 hours reaches $443 million, with $398 million in long positions and nearly $45 million in short positions.
Ethereum's Expectations and Consequences
This massive liquidation wave for Ethereum has come amid heightened market volatility as its price loses key support at $2,000 and falls below $1900 today. This price action has triggered forced closures of leveraged positions across major exchanges.
Overall Market Behavior and Bitcoin's Role
Although Bitcoin usually leads in liquidation volumes, it has trailed behind Ethereum today. This shift highlights Ethereum’s growing dominance in derivative trading and its increased volatility compared to Bitcoin. Analysts are now predicting further price swings in the crypto markets.
Ethereum has once again demonstrated its volatility by outpacing Bitcoin in liquidation volumes, indicating potential future swings in the cryptocurrency market.
