The cryptocurrency market experienced a significant spike in liquidations over the past 24 hours, with Ethereum (ETH) emerging as the frontrunner. This comes amid slight market consolidation and a marginal decrease in global crypto market capitalization.

According to data from Coinglass, total crypto liquidations surged by 78.8% in the past day, crossing the $75 million threshold. This dramatic increase contrasts with a minor 0.35% decline in total cryptocurrency open interest, which currently stands at $66 million.

Breakdown of Liquidations

• Long Positions: $43.9 million worth of long positions were liquidated.
• Short Positions: $31.6 million worth of short positions were liquidated.

Ethereum (ETH)

• Total Liquidations: Over $19 million
  • Longs: $5.6 million
  • Shorts: $13.5 million

Bitcoin (BTC)

• Total Liquidations: $8.2 million
  • Longs: $4.15 million
  • Shorts: $4.09 million

Exchange Activity

• Binance: Dominates with $38.7 million in liquidations, with long positions accounting for 57.6%.
• OKX: Second in line with $23 million in liquidations, holding a 30% market share.

Market Capitalization and Price Movements

Data from CoinGecko shows a 0.4% decline in the global crypto market capitalization over the past 24 hours, dropping from $2.549 trillion to $2.536 trillion.

• Bitcoin (BTC): Consolidating around $66,000 over the past three days.
• Ethereum (ETH): Hovering around $3,550 in the same period.

The sudden surge in crypto liquidations, particularly led by Ethereum, highlights the volatile nature of the cryptocurrency market. With major exchanges like Binance and OKX witnessing substantial liquidation volumes, traders and investors must remain vigilant and consider the inherent risks in the market.