BTC, DOGE and XRP in Spotlight as Crypto Liquidations Down to $240 Million
2024-12-24
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The volatility on the crypto market is thinning out, as showcased by key liquidation figures. Data from CoinGlass pegs shows that this total liquidation has been at $240 million in the past 24 hours. This is a major deviation from the more than $1 billion recorded on at least two occasions over the past week.
Bitcoin, Dogecoin and XRP spotlight
Per the liquidation figures, the dramatic slump in the price of Bitcoin to the $94,000 range caught long traders unaware. According to the figures, total liquidations come in at $64.92 million, pushing the BTC long traders' losses to $44 million. Short trader liquidations account for $20.92 million.
XRP saw an even smaller liquidation pegged at $6.57 million. In XRP’s case, short traders suffered more losses of $3.65 million, while long traders accounted for the rest. Over the past week, XRP has experienced both sweet and sour trends, with the coin seeing parabolic growth in wallets amid a 253% gain over the past month.Crypto Liquidation Heatmap. Source: Coinglass">
Dogecoin had $9.2 million in liquidations split almost equally between long and short traders. This means DOGE traders are unsure what's next for the coin amid an extensive volatility record.
Where is market heading next?
With reduced volatility, the price of Bitcoin has entered a consolidation phase in defiance of the "Santa Rally."
The coin was down 1.45% in 24 hours to $93,907.15 as of writing time. Effectively, the BTC price has dropped by 13% from its all-time high (ATH) of $108,268.45 attained seven days ago.
Like other altcoins, XRP and DOGE maintain a very high correlation with Bitcoin, a trend that may limit both coins' growth. Despite the whale activities around these assets and other fundamentals, no boost from Bitcoin might result in elongated drawdowns.