BTC, DOGE and XRP in Spotlight as Crypto Liquidations Down to $240 Million

Key Cryptocurrency Liquidations Show Reduced Market Volatility

Data from CoinGlass indicates a significant decrease in total liquidations on the cryptocurrency market, with the past 24 hours recording only $240 million. This is a stark contrast to the multiple billion-dollar liquidations seen just last week.

Bitcoin, Dogecoin, and XRP Liquidation Highlights

Bitcoin's sharp drop to the $94,000 range led to $64.92 million in liquidations, primarily driven by long traders who lost $44 million. Short trader liquidations accounted for $20.92 million.

XRP experienced smaller liquidations of $6.57 million, with short traders facing greater losses of $3.65 million than long traders. XRP's recent volatility has included both gains and setbacks, with the coin seeing significant growth in wallets and a 253% increase over the past month.

Dogecoin liquidations totaled $9.2 million, split nearly evenly between long and short traders. This suggests uncertainty among DOGE traders regarding the coin's future direction.

Market Outlook

With volatility subsiding, Bitcoin has entered a consolidation phase despite expectations of a "Santa Rally." The coin is down 1.45% over the past 24 hours, trading at $93,907.15 at the time of writing. BTC's price has fallen 13% from its all-time high of $108,268.45 reached seven days ago.

XRP and DOGE remain highly correlated with Bitcoin, which may limit their growth potential. Despite strong fundamentals and whale activity in these assets, a lack of support from Bitcoin could lead to extended declines.