Liquidations in Ethereum (ETH) have outpaced those in Bitcoin (BTC) for the second time in the past week.
According to data from Coinglass, global crypto liquidations amounted to $195.11 million in the last 24 hours. ETH leads the pack with $64.75 million in liquidations, comprising $57.18 million in long positions and $7.57 million in shorts.
Bitcoin follows closely behind with $46.74 million in liquidations, including $32.85 million in longs and $13.89 million in shorts.
These liquidations coincide with a correction in the overall cryptocurrency market, with total market capitalization dropping from $2.53 trillion to $2.46 trillion in the past day.
This marks the second time in the last seven days that ETH liquidations have exceeded those of BTC. On May 1, ETH recorded $91.76 million in liquidations, surpassing BTC’s $68.51 million.
Additionally, total crypto open interest decreased by 2.12% in the past 24 hours, now standing at $57.17 billion, according to Coinglass data.
Santiment data reveals that BTC’s total open interest declined from $10.45 billion to $10.21 billion in the past day, accompanied by a 1.5% decrease in BTC price to $64,200 at the time of writing.
ETH’s open interest also saw a 1.7% drop, settling at $4.89 billion, while ETH price fell by 2.7% to $3,110.
With the decline in global cryptocurrency open interest, lower price volatility is typically anticipated for the leading digital assets.
Summary Review: The recent surge in Ethereum (ETH) liquidations surpassing those of Bitcoin (BTC) reflects a period of market correction in the broader cryptocurrency landscape. This phenomenon, observed for the second time in the past week, underscores the dynamic nature of digital asset markets and the shifting investor sentiment towards different cryptocurrencies. As the total crypto open interest declines and market capitalization experiences fluctuations, it is evident that price volatility remains a key consideration for investors in both Ethereum and Bitcoin. Despite the short-term fluctuations, the underlying strength and potential of these leading digital assets continue to attract interest from investors worldwide. Moving forward, market participants will closely monitor developments in both Ethereum and Bitcoin markets, with a keen eye on factors influencing price movements and overall market dynamics. Amidst ongoing market adjustments, the resilience of these cryptocurrencies underscores their enduring significance within the broader financial landscape.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
