By
Svetlana Soroka
May 27th, 2024
Amidst the recent market downturn, which resulted in over $130 million being liquidated, the crypto market’s current market capitalization is approximately $2.26 trillion.
The crypto market experienced a significant downturn over the weekend, with Bitcoin (BTC) and Ethereum (ETH) leading the way despite recovering slightly from last week’s lows of $ 57,000 and $2,700, respectively. The decline resulted in the liquidation of $131 million from 71,245 traders across several centralized crypto exchanges (CEXs), including Binance, OKX, Bybit, and Huobi Global, now known as HTX. According to CoinGlass data, Bitcoin saw $24.3 million liquidated, while Ethereum traders lost $19.09 million within just 24 hours.
Binance Takes Massive Hit
With Bitcoin and Ethereum taking the lead, traders who bet on other digital assets like Solana (SOL), Dogecoin (DOGE), Ripple’s XRP, and Worldcoin (WLD) suffered a combined loss of approximately $34.90 million.
Long traders anticipating the price of cryptocurrencies to increase within the last 24 hours lost more than $100 million, while short traders anticipating more market decline recorded only $34 million.
The largest single liquidation order took place on Binance, with $5.71 million liquidated from the exchange.
In the last hour alone, a whopping $7.26 million has been liquidated across exchanges, with OKX taking the lead. The exchange witnessed approximately $3.2 million in liquidation, closely followed by Binance, where over $2 million was drained from the platform within just 60 minutes.
During this same period, Bitcoin liquidations amounted to around $3 million, while Ethereum saw approximately $1.29 million being drained from the protocol.
Bitcoin Slightly Recovers after Weekend Lows
Amidst the recent market downturn, which resulted in over $130 million being liquidated, the crypto market’s current market capitalization is approximately $2.26 trillion.
Over the weekend, Bitcoin’s price hovered around $60,000. However, the crypto asset has shown a slight recovery at the time of writing, trading around $61,563 with a 1.10% increase in the past 24 hours.
According to CoinMarketCap data, Bitcoin’s market cap now stands at $1.21 trillion, while its 24-hour trading volume currently sits at $18.1 billion. The figure marks a significant 41.22% increase compared to previous values recorded on Sunday.
Ethereum, the second-largest player in the crypto industry after BTC, has also shown signs of recovery. On Monday morning, the digital asset reached $2,928, indicating a slight improvement.
Other altcoins, such as Binance Coin (BNB), Toncoin (TON), and Cardano (ADA), are also on the path to recovery, following the upward trend in the market.