Is ethereum overtaking bitcoin? Investors woke up to an unprecedented volatility in the crypto market, forcing an unprecedented sell-off in many major digital currencies. According to data from Coinglass, a total of $45.89 million in liquidity was recorded in the last 12 hours and more than $73 million in the last 24 hours from 28,300 customers.
The volatility of the crypto situation is complex but it is difficult to determine the market activity that can happen at any time in the market. When the market makes a drastic change, short-term sellers pump while long-term traders pump when the market drops like today.
As seen in Coinglass, Ethereum (ETH) is the most paid digital currency in the last 12 hours with around 12.86K ETH coins, reaching a total of $15.36 million liquid. Bitcoin (BTC), which has the most published liquid data, is followed by a total of 354.73 BTC worth $5.91 million liquid in the same period. Other tokens that make up the top five coins include Dogecoin (DOGE), Solana (SOL), and surprisingly, the Aptos token (APT).
How trading took place Liquidation data showed that a large group of liquidations took place on cryptocurrency trading platform BitMEX, which recorded a value of $840.83K. Major exchanges that have received significant liquidity include OKX, Binance, Bybit, CoinEx, and Huobi Global. In OKX liquidations reached $21.66 million in the past 12 hours, a position of 98.11% is no longer long, the small market dominates the liquidations in Bitfinex.
Liquidity is a model for measuring price performance over time, and the more money that is made in the market, the less willing customers are to invest in the practice. This is where the stock market begins, as the drop in price of the liquid can act as a spring for investors to take new positions in the desired coin.