The crypto market has been experiencing some major ups and downs over the past week, with some coins experiencing massive price swings. As a result, several investors have been forced to liquidate their positions, leading to a market sell-off.
This sell-off has led to a total liquidation of over $142 million. Given the volatility in the market, it is safe to say that this figure is likely to continue to rise in the coming days.
So, which coins have been worst hit by this liquidation? Let’s take a look.
Ethereum (ETH)
Ethereum has been one of the worst-hit coins in recent times. Despite reaching an all-time high of $4,356.99 earlier this month, the coin has since tumbled back down to around $2,300.
This drop has led to many investors liquidating their positions, resulting in the liquidation of over $58 million worth of Ethereum in just 24 hours.
Bitcoin (BTC)
Although Bitcoin is the undisputed king of cryptocurrencies, it has not been immune to the recent market sell-off. As of this writing, the coin is trading around $35,600, down from its all-time high of over $64,000.
Bitcoin’s market dominance has also been affected, with many altcoins seeing a surge in popularity in recent weeks. However, despite the recent dip, Bitcoin remains the most valuable cryptocurrency, with a market cap of over $665 billion.
Binance Coin (BNB)
Binance Coin has been one of the best-performing coins in 2021, with its price surging from around $37 at the start of the year to an all-time high of $686 earlier this month.
However, the recent market sell-off has hit Binance Coin hard, with the coin’s price dropping to around $300 as of this writing. This has resulted in the liquidation of over $21 million worth of Binance Coin in just 24 hours.
Cardano (ADA)
Cardano is another coin that has seen a significant drop in value in recent days. The coin’s price was hovering around $2.20 at the start of May but has since dropped to around $1.40.
While the reason for this drop is unclear, it has led to the liquidation of over $7 million worth of Cardano in just 24 hours.
Dogecoin (DOGE)
Dogecoin has been one of the most talked-about coins in recent weeks, thanks in part to Elon Musk’s tweets. However, despite its popularity, the coin has not been immune to the recent market sell-off.
The coin’s price dropped from around $0.70 earlier this month to around $0.30 as of this writing, resulting in the liquidation of over $5 million worth of Dogecoin in just 24 hours.
Conclusion
The recent crypto market sell-off has hit several coins hard, with several investors being forced to liquidate their positions. However, while the market may be volatile, it is important to remember that cryptocurrencies are a long-term investment.
Investors should avoid making rash decisions based on short-term price swings and instead focus on the long-term potential of each coin. By doing so, they can minimize the impact of market volatility and position themselves for success in the long run.
The cryptocurrency market has seen a significant price volatility trend that has led to liquidations of up to $142.72 million in the past 24 hours. According to data from CoinGlass, the leading cryptocurrency in liquidation is Bitcoin (BTC), with 1.91K BTC liquidated, totaling $50.26 million.
Bitcoin has seen a drop of over 4% in the past 24 hours, bringing the premier digital currency to $26,316.69. Ethereum is also experiencing a massive price slump, with approximately 17,000 ETH liquidated with a worth of $29.93 million.
Surprisingly, there is a new addition to the list of the top tokens being liquidated, and it is the meme coin PEPE. PEPE, a cartoonish meme coin, became the third most liquidated digital currency, with more than 5.6 trillion tokens liquidated, worth $7.20 million in the past 24 hours. PEPE has created more milestones and millionaires than any other token launched in the past year in a short time frame.
Other mainstream tokens, including Arbitrum (ARB), Litecoin (LTC), and Dogecoin (DOGE), have also recorded significant liquidations, according to CoinGlass.
Investors are often caught unawares in the ever-dynamic and volatile market. The high volatility and shifting prices can significantly impact their portfolio. OKX is the exchange that recorded the highest liquidation, followed by Binance and Bybit, completing the top three lists.
In conclusion, cryptocurrencies’ value fluctuation is a characteristic of the market. Investors need to pay close attention to market trends and insights to minimize losses and maximize profits.
