The recent trading day witnessed significant losses for traders, with 59,370 of them facing liquidations, accounting for a cumulative loss of $170.64 million. Ethereum, Solana, and Binance Coin, the altcoins to sell, have experienced considerable market corrections. The largest single liquidation order happened on OKX—ETH-USD-SWAP, valued at $4.00M. These cryptocurrencies show signs of a downturn, indicating potential risks for investors.
1. Altcoins To Sell – Ethereum (ETH)
Ethereum (ETH), a key player in the Proof-of-Stake blockchain arena, stands out with its smart contract technology. This allows it to serve as more than just a digital currency platform, unlike Bitcoin and Solana, which primarily focus on payments.
Ether is essential for the network’s operations. It fuels transactions and rewards nodes that execute complex computations, underlining the platform’s emphasis on practical applications.
There has been a noticeable increase in activity around decentralized finance (DeFi) protocols on Ethereum. This surge has led to record levels of investment, with the total value locked (TVL) in these protocols hitting unprecedented levels. This growth highlights Ethereum’s dynamic nature and solidifies its critical role in the realm of digital currencies.
Currently, Ethereum is trading at $3,312, with a trading volume of $13 billion over the past 24 hours. Although there’s been a slight 3% drop since yesterday, its market capitalization remains robust at $398 billion.
Ranked second on CoinMarketCap, Ethereum has seen a 12% decrease in value over the past month. However, it boasts a 68% increase year over year.
Regarding market activity, $44 million worth of positions were liquidated in the last 24 hours, with long positions accounting for $38 million and shorts for $5.70 million. This marks a period of significant liquidations, especially for altcoins.
2. Solana (SOL)
Solana (SOL), a leading blockchain network, continues to capture attention with its high-speed transaction capabilities and robust platform. This Layer 1 technology has gathered a vast community, reflected in its thriving ecosystem and the surge of developers building decentralized applications. The platform’s innovative features have significantly enhanced investor confidence.
Despite recent market downturns, Solana price has maintained a steady price, currently at $142, marking a 4% drop from the previous day. Over the past year, its price increased from $20 to its current level, demonstrating a remarkable 643% growth. Currently ranked fifth on CoinMarketCap, Solana boasts a market cap of $65 billion.
Recent data shows significant market activity, with $11.10 million in liquidations over the last 24 hours, including $8.54 million from long positions and $2.56 million from short positions.
3. Binance Coin (BNB)
Binance Coin (BNB) serves as a pivotal asset within the Binance ecosystem, functioning on both the Binance Chain (BEP-2) and the Binance Smart Chain (BEP-20). The high trading volumes on Binance emphasize its significant role. Additionally, it supports the operation of the exchange’s dual blockchain structure.
The BNB Chain is notably the main blockchain. It hosts numerous top decentralized applications in the market. In a recent development, Coinbase expanded its asset recovery tool to include support for the BNB Chain and Polygon networks. This expansion has coincidentally aligned with an uptrend in Bitcoin’s market value.
However, Binance Coin has recently shown a downward trend in its price. It has fallen below the $580 resistance level, currently trading at $557. This represents a more than 3% drop in its price. Over the past week, it has decreased by 3% and 10% over the month.
Over the past 24 hours, BNB has seen notable liquidations. The total amounted to approximately $1.02 million, with long positions accounting for $1.01 million and short positions about $12.5thousand from Coingalass data. This positions BNB among the altcoins experiencing significant liquidations, suggesting a cautious approach for traders.
Bottom Line
In light of the substantial liquidations and ongoing market corrections, investors are advised to consider selling Ethereum, Solana, and Binance Coin. Monitoring these trends is crucial for timely decision-making in a volatile market.
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