As a seasoned researcher who has weathered numerous market storms and witnessed the rise and fall of digital currencies, I find myself once again bracing for another turbulent day in the cryptocurrency world. This week’s downturn is a stark reminder of the unpredictable nature of this nascent market.
This week is off to a terrible start for the cryptocurrency market, with multiple tokens recording double-digit losses.
XRP, the digital currency associated with Ripple, has dropped by up to 12% today, reaching a low point of $2.07 during the trading day.
In simpler terms, both Dogecoin (DOGE) and Cardano (ADA) experienced substantial decreases in value, with Dogecoin falling approximately 10.6% and Cardano dipping around 13.4%.
On Monday, Bitcoin (BTC) momentarily surpassed the $100,000 mark before experiencing a minimal 2.6% drop. It remains the leading cryptocurrency.
Today marks one of the most challenging days for the cryptocurrency market in the past four months, as it’s possible that up to a trillion dollars could be erased from its total value.
Based on information from CoinGlass, an impressive $1.76 billion in cryptocurrency was liquidated during the previous day. Notably, long positions made up almost all of this amount, totaling approximately $1.58 billion.
In summary, close to 600,000 transactions were terminated today on the Binance exchange, with one individual experiencing a loss of approximately $19.69 million from a single Ethereum (ETH) to Tether (USDT) trade.
Globally prominent cryptocurrency exchange Binance recorded the highest amount ($756.26 million) in liquidations among all platforms.
Significantly, Ethereum surpasses Bitcoin in terms of the total value of long positions liquidated within the last 24 hours, with a figure of $223 million compared to Bitcoin’s $148 million.
Over the last few months, Solana, Dogecoin, and XRP have risen significantly, placing them among the top five digital currencies currently.
If retail investors start panicking and sell their holdings of TRX, AVAX, DOT, ICP, POL, FIL, and TIA, it’s likely that these assets will experience a quick recovery, according to a recent statement from a crypto analytics firm.
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2024-12-10 09:11