The overall cryptocurrency market appears to be bleeding, with major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and XRP (XRP) experiencing significant price drops. These declines in major assets have shifted the overall market sentiment toward a bearish outlook.
$1.69 Billion Liquidation Shocks Crypto Market
This market shift has resulted in the liquidation of a substantial $1.69 billion worth of leveraged positions from 558,704 traders in the past 24 hours, according to data from the on-chain analytics firm Coinglass.
The majority of these liquidations occurred in long positions, while short positions remained relatively unaffected. Of the $1.65 billion liquidated, $1.5 billion came from long positions, whereas only $178.21 million came from short positions.
This liquidation data indicates that the bulls have been hit the hardest by this price decline. Given the current market sentiment, these liquidations may continue in the coming days unless a significant development occurs in the market.
BONK and FLOKI Lead the Declines
Today, December 10, 2024, BTC, ETH, and XRP have experienced price declines of 2%, 6.5%, and 14.6%, respectively, over the past 24 hours. Meanwhile, BONK and FLOKI, two meme coins, have been hit hardest in this price decline, recording drops of 22% and 21.5%, respectively, during the same period.
Why is Crypto Market Falling?
Over the past month, the overall market has experienced a significant rally, with some assets gaining 100%, others 200%, and a few even exceeding 400% in upside momentum. Notably, this rally occurred without any price corrections and followed the results of the United States Presidential election.
Time to Accumulate or Wait?
Given the current market sentiment, now might be the perfect time to accumulate top assets, as they seem to be trading at discounted levels, according to experts on social media. Meanwhile, whales and institutions continue to increase their holdings, as reported by CoinPedia.
