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

A total of $279 million in liquidations has hit the broader cryptocurrency market. Data from CoinGlass shows that top altcoins suffered more liquidation in the last 24 hours from long-position traders.

Crypto liquidations: Altcoins outlook

Notably, three altcoins, namely Solana (SOL), XRP and Dogecoin (DOGE), have experienced significant liquidation from investors.

Solana, which recorded a total liquidation of $37.11 million, saw $31.01 million wiped out from long-position traders. Traders who bet on short SOL only shed about one-sixth, or $6.10 million, of the total liquidation.

XRP Price Takes U-Turn, What's Going On?

XRP suffered the same liquidation imbalance, with long positions erasing about four times the amount wiped out by short-position traders. With XRP’s total liquidation at $10.71 million, traders who bet long on the token lost $8.36 million. As for short position traders, their liquidation stood at $2.35 million.

Dog-themed meme coin DOGE followed a similar liquidation trend as SOL. Long position traders erased one-sixth of the total liquidation of $8.51 million. This amounts to $6.94 million, while traders who bet short on DOGE cleared $1.57 million.

Interestingly, in the last 24 hours, all three assets have experienced a decline in their price action on the broader crypto market. This served as the basis for the drawdown.

Meanwhile, the hype about exchange-traded funds (ETFs) for XRP and Solana has not supported price stability in the short term.

Bitcoin resistance fuels market uncertainty

Over 85% of these liquidations occurred on four crypto exchanges: Binance, Bybit, OKX and Gate.io.

Binance registered the highest with 38.67%, or $104.03 million. Bybit, OKX and Gate.io recorded 18.66%, 18.43% and 11.61%, respectively. In monetary terms, this translates to $50.18 million, $49.59 million and $31.24 million, respectively.

Solana (SOL) Down 6% in Hours, What Indicator Suggests

Experts note that these altcoins suffered such severe liquidation due to persisting price resistance on Bitcoin. Notably, since Feb. 3, when Bitcoin’s price dipped below the $100,000 level, it has not breached the psychological mark.

As reported by U.Today, some Bitcoin key indicators signal the coin could crash to as low as $80,000.

Source: https://u.today/crypto-liquidations-hit-279-million-sol-xrp-and-doge-in-spotlight