Crypto Liquidations Hit $279 Million, SOL, XRP and DOGE in Spotlight

Crypto Liquidations Surge, Altcoins Hardest Hit

Cover image via U.Today**

The cryptocurrency market has witnessed a wave of liquidations totaling $279 million. According to data from CoinGlass, altcoins have borne the brunt of these liquidations, particularly those held by traders who took long positions.

Altcoins Face Liquidation Pressure

Solana (SOL), XRP, and Dogecoin (DOGE) have experienced substantial liquidations. SOL recorded a total liquidation of $37.11 million, with long-position traders accounting for $31.01 million of that amount. Short-position traders only lost $6.10 million.

XRP suffered a similar imbalance, with long positions liquidated for $8.36 million compared to $2.35 million for short positions. The total liquidation for XRP was $10.71 million.

DOGE followed a similar pattern, with long-position traders losing $6.94 million of the $8.51 million liquidated. Short-position traders cleared $1.57 million.

All three assets have seen their prices decline on the broader crypto market in the past 24 hours, contributing to the liquidations.

Exchange-Traded Funds (ETFs) Fail to Stabilize Prices

Despite the hype surrounding ETFs for XRP and Solana, they have not provided short-term price stability.

Bitcoin Resistance Triggers Uncertainty

Over 85% of liquidations occurred on four crypto exchanges: Binance, Bybit, OKX, and Gate.io. Binance had the largest share at 38.67%, or $104.03 million.

Experts attribute the severe liquidation of altcoins to persistent price resistance on Bitcoin. Since February 3, Bitcoin's price has not surpassed $100,000.

Key indicators suggest that Bitcoin could potentially crash to $80,000.