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U.Today - The broader crypto market is experiencing another massive sell-off that has triggered an unexpectedly high record in total liquidations. Per data from CoinGlass, the combined crypto market liquidations have jumped to $849 million as the total capitalization of all digital currencies fell 6.65% to $3.37 trillion.
Crypto liquidation breakdown
Sell-offs on the market are not unusual and mostly follow the extensive drop in the price of Bitcoin (BTC). At the time of writing, the top coin has fallen by 5.81%, picking up a 24-hour liquidation of $259.21 million. Long traders were most stunned as their bet failed to materialize, losing $247.48 million overnight.Altcoins were not spared from the sell-offs, with Ethereum (ETH), Solana (SOL), XRP and Dogecoin (DOGE) in the spotlight.
While Ethereum saw a total liquidation of $109.79 million, Solana, XRP and Dogecoin saw $38.02 million, $33.29 million and $24.38 million, respectively. These recorded sell-offs are not uncommon in the industry, as the market capitulates when the level of exposure reaches a record high.
With the market looking to recover, the focus will remain on Bitcoin and the $100,000 level. If bulls can again secure this resistance level, the optimism to press for a new high may return.
Growth catalyst to hang onto
At the moment, top market analysts have projected that a major correction is coming for Bitcoin. Among the experts emphasizing this shift is Arthur Hayes, BitMEX cofounder and former CEO.However, amid the bearish projection, BTC remains the reference point for the entire industry. The network fundamentals and demand source provide a crucial anchor for long-term growth.
Since the halving, the daily average demand from the spot Bitcoin ETF market still far outpaces BTC emissions. Key proponents like Samson Mow believe this imbalance will help make Bitcoin’s price parabolic.