Ethereum

Dogecoin

Long

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>The cryptocurrency market experienced its largest single-day liquidation in 24 hours, severely affecting ETH and DOGE holders.</li>
 <li>Bitcoin dominance increased, signaling a potential extension of the bearish outlook for altcoins.</li>
</ul>
<p>The cryptocurrency market recently underwent its most significant single-day liquidation in 24 hours, leading to major losses for traders.</p>
<p>The most heavily impacted were holders of Ethereum (ETH) and Dogecoin (DOGE), as their prices plummeted during the market sell-off.</p>
<h2 id="market-impact">Market Impact</h2>
<p>The global cryptocurrency market cap fell by 4.11%, dropping to $3.47 trillion. Despite this, trading volume surged by 114.40%, hitting $352.9 billion as investors reacted to the market’s volatility.</p>
<p>Market experts suggest that the long-awaited altcoin rally could be delayed due to the current market sentiment and uncertain conditions.</p>
<h2 id="altcoins-and-bitcoin-dominance">Altcoins and Bitcoin Dominance</h2>
<p>Bitcoin (BTC) dominance has seen a significant increase in the past 24 hours, reaching 57.90% from 56.86%. This increase indicates a shift in market dynamics, with Bitcoin maintaining a stronger hold on the cryptocurrency market.</p>
<p>The rise in Bitcoin dominance was triggered by a bounce off the 55.26% support level, which acted as a catalyst for Bitcoin’s renewed strength. Generally, a fall in BTC.D signals strength in altcoins, often leading to rallies. However, a surge in dominance indicates capital flowing back into Bitcoin, leaving altcoins struggling to keep up.</p>
<p>If the dominance of Bitcoin continues to rise, altcoins may face additional losses, extending the current bearish outlook.</p>
<h2 id="largest-liquidation-losses">Largest Liquidation Losses</h2>
<p>Ethereum and Dogecoin faced the largest liquidation losses among altcoins during the recent market downturn, according to data from Coinglass.</p>
<p>The two cryptocurrencies saw a combined loss of $350.56 million, with Ethereum accounting for $249.48 million and Dogecoin contributing $101.08 million. These liquidations occurred as the market moved sharply against trader expectations, forcing positions to close.</p>
<p>Long traders were the most affected, losing $213.28 million on Ethereum and $83.13 million on Dogecoin. This highlights a market heavily skewed in favor of bearish sentiment.</p>
<p>A potential recovery would require renewed demand for these assets, possibly driven by large investors (whales) seizing the opportunity to accumulate at lower prices. If such activity materializes, a rebound could occur sooner than anticipated.</p>

Crypto Crash: Traders Face $1.7B Liquidation in Just 24 Hours

Table of Contents

CoinEagle.com

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