Recent analysis shows that the cryptocurrency market faced significant liquidation, totaling $615 million, with major losses for Ethereum and Bitcoin.
Market Overview
According to CoinGlass, there has been significant liquidation activity in the market, where long positions accounted for $533.52 million, while short positions were only $81.23 million.
Losses in Major Cryptocurrencies
Ethereum emerged as the biggest casualty with losses of $233.71 million, of which $200.79 million were long bets. Bitcoin followed with losses of $134.40 million, predominantly from long positions ($125.45 million). Together, these two cryptocurrencies made up nearly 60% of the total market liquidations.
Market Outlook
With increasing volatility, Bitcoin is priced around $113,800 and Ethereum around $3,511. If this trend continues, the market could face another wave of liquidations, potentially leading to further price declines.
The current wave of liquidations highlights the high volatility of the cryptocurrency market. Investors remain uncertain about future prices, which may contribute to further fluctuations.
