As a seasoned researcher with over a decade of experience in the turbulent world of cryptocurrencies, I’ve seen my fair share of rollercoaster rides – and this past day has been one for the books! The volatility we’ve witnessed in Bitcoin is nothing short of breathtaking, with its price swinging from a new ATH to a significant dip within 24 hours.
The data indicates that the cryptocurrency futures market has experienced numerous margin calls or forced closures due to Bitcoin‘s price fluctuations over the past 24 hours.
Bitcoin Has Gone Through A Bit Of A Rollercoaster Over The Last 24 Hours
Over the last 24 hours, Bitcoin has experienced significant volatility. It reached a record peak near $90,000 and also touched a low of approximately $85,000.
The chart below displays what the asset’s recent trajectory has been like.
As a researcher, I’ve noticed an interesting trend in Bitcoin prices. Since it hit a low of $85,000, it has rebounded, reaching $88,500. This suggests that the price is nearly back to where it was before the significant drop, indicating a strong recovery.
Since many coins within the crypto sector tend to mirror price fluctuations in the primary digital currency, they too experience comparable levels of volatility.
As a result of such intense activity, there’s been a surge of confusion on the derivatives sector, as speculators hurriedly tried to foresee the direction of the assets, many of whom ultimately experienced failure.
Nearly $1 Billion In Crypto Has Just Been Liquidated
Over the last 24 hours, based on data from CoinGlass, I’ve observed a significant number of contracts being liquidated. Liquidation here refers to an automated process that occurs when any open contract accrues losses beyond a specific threshold, resulting in the platform forcibly closing it down.
Below, you’ll find a table showcasing figures associated with the most recent large-scale liquidation incident within the specified field:
It seems that the cryptocurrency derivative market experienced a total of $973 million in liquidations over the past 24 hours. Out of this figure, approximately $580 million were long positions, while short positions accounted for the remaining $393 million.
It’s intriguing that despite an overall rise in prices for numerous assets within this timeframe, a higher number of investors anticipating a bullish market outcome seem to have experienced losses instead.
It’s clear that a large number of traders entered their bullish positions following Bitcoin’s rise to its current peak. Despite the tough times for long-term investors, the short sellers haven’t escaped unscathed either, given the substantial number of them present in the market.
In terms of the value associated with the liquidation of individual symbols, it’s no surprise that Bitcoin leads the pack, with approximately $270 million worth of contracts tied to this event.
Interestingly enough, it’s worth mentioning that Dogecoin (DOGE) has outpaced Ethereum (ETH) in terms of liquidations, despite Ethereum holding the second largest market cap in the crypto sector. However, the disparity between them is minimal, amounting to just about half a million dollars.
It’s plausible that the frequent liquidations of DOGE are primarily due to the extreme volatility in its price, which concluded the day with an increase exceeding 21% on a large scale.
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2024-11-13 14:12