$534 Million Lost in Crypto Liquidations Amid Market Consolidation, Data Shows

Despite a period of market consolidation, cryptocurrency liquidations have surged, with a staggering $534 million wiped off the market in the past 24 hours, according to data from Coinglass. The liquidations marked a 43% increase in just one day, highlighting the volatility that continues to dominate the crypto space, even as prices show mixed signals.

Long and Short Positions Hit Hard: XRP and Bitcoin Lead the Way

The liquidation carnage saw a significant number of traders caught off guard. Over 200,000 traders were affected as both long and short positions were liquidated. XRP and Bitcoin led the pack, with XRP recording $69 million in total liquidations, split between $36 million in longs and $33 million in shorts. The surge in XRP's price, which hit a local high of $2.85 after a massive 400% rally over the last 30 days, set off a wave of liquidation events.

Meanwhile, Bitcoin suffered $60 million in liquidations, with $40 million in long positions and $20 million in shorts. The flagship cryptocurrency's price dropped below $96,000 early Monday, triggering liquidations. Notably, the largest single liquidation order in the past 24 hours took place on Binance, amounting to $2.1 million in a BTC/USD perpetual contract.

Small-Cap Altcoins and Binance Lead Liquidations

In addition to XRP and Bitcoin, small-cap altcoins also took a heavy hit, with approximately $108 million in liquidations. Bitcoin’s price drop sparked FUD (fear, uncertainty, and doubt) among traders, causing a short-term selloff across the broader crypto market.

Binance was the leading exchange for liquidations, accounting for a massive $222 million in daily liquidations, with 63% of them being longs. OKX and Bybit also saw substantial liquidations, with $134 million and $124 million, respectively, being wiped from the market.

Market Sentiment and Trading Volumes: Mixed Signals and Increased Activity

Despite the high level of liquidations, the crypto market has been hovering around the $3.66 trillion market cap zone, according to CoinGecko data. In the past month alone, investors have poured over $1.2 trillion into cryptocurrencies, reflecting the ongoing confidence in the market despite short-term volatility.

Further adding to the market activity, daily trading volume has surged by 38% to a robust $375 billion. This uptick in trading volume, combined with the mixed signals from Bitcoin and altcoins, indicates that investors remain highly active, although market conditions are volatile.

Bitcoin's Price Target and Market Outlook

As Bitcoin’s price continues to fluctuate, investors are closely watching the $100,000 price mark for the cryptocurrency. The ongoing volatility has resulted in both greedy and volatile conditions, with traders caught between optimism and caution.

The recent surge in liquidations shows that, despite the market consolidation, the crypto market is still prone to sharp price movements, with potential for both massive gains and losses. As the market continues to evolve, traders and investors will need to stay alert and ready for whatever comes next in this highly unpredictable space.