Altcoins
3 Heavily Liquidated Altcoins To Sell Now
The recent trading day saw significant losses for traders, with 59,370 of them facing liquidations, for a cumulative loss of $170.64 million. Ethereum, Solana, and Binance Coin, the altcoins to sell, saw notable market corrections. The largest single order to liquidate was on OKX: ETH-USD-SWAP, valued at $4.00 million. These cryptocurrencies are showing signs of decline, 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 for its smart contract technology. This allows it to act as more than just a digital currency platform, unlike Bitcoin and Solana, which are primarily focused on payments.
Ether is essential to the network’s operations. It powers transactions and rewards nodes that perform complex computations, underscoring the platform’s emphasis on practical applications.
There has been a notable increase in activity around
decentralized finance (DeFi) on Ethereum. This surge has led to record levels of investment, with the total value locked (TVL) in these protocols reaching unprecedented levels. This growth highlights the dynamic nature of Ethereum and cements its critical role in the digital currency realm.
Currently, Ethereal is trading at $3,312, with a trading volume of $13 billion over the past 24 hours. Although it has seen a slight decline of 3% since yesterday, its market cap remains solid at $398 billion.
Ethereum price chart
Ranked second on CoinMarketCapEthereum has seen a 12% drop in value over the past month. However, it boasts a 68% increase year-over-year.
In terms of market activity, $44 million worth of positions were liquidated in the last 24 hours, with long positions amounting to $38 million and short positions amounting to $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. Level 1 The technology has gathered a large community, reflected in its thriving ecosystem and the wave of developers creating decentralized applications. The platform’s innovative features have significantly improved investor confidence.
Solana Price Chart
Despite recent market downturns, Price Solana has held a stable price, currently at $142, marking a 4% decline from the previous day. Over the past year, its price has increased from $20 to its current level, demonstrating a remarkable growth of 643%. 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 in 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 cornerstone asset within the Binance ecosystem, operating on both the Binance Chain (BEP-2) and Binance Smart Chain (BEP-20). The high trading volumes on Binance underscore its significant role. Additionally, it supports the operation of the exchange’s dual blockchain structure.
BNB Chain is the main blockchain in particular. It hosts many high-level decentralized applications on the market. In a recent development, Coinbase expanded its asset recovery tool to include support for BNB Chain and Polygon networks. This expansion coincidentally aligned with an uptrend in Bitcoin’s market value.
However, Binance Coin has recently shown a downward trend in its price. It has dropped below the $580 resistance level, currently trading at $557. This represents a decline of more than 3% in its price. In the last week, it has dropped by 3% and 10% in the month.
BNB Price Chart
In the last 24 hours, BNB saw significant liquidations. The total amounted to approximately $1.02 million, with long positions amounting to $1.01 million and short positions amounting to approximately $12.5 thousand from Catastrophic data. This places BNB among the altcoins that are experiencing significant liquidations, suggesting a cautious approach by 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 making timely decisions in a volatile market.
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Frequently Asked Questions (FAQ)
Liquidations occur when a trader’s position is forcibly closed by the exchange because the market has moved against him and his account balance is not sufficient to maintain margin requirements.
Liquidations can have a significant impact on market volatility. Large-scale liquidations can lead to sharp price drops when positions are closed.
Traders can reduce the risk of liquidation by using lower leverage, maintaining adequate margin balances, using stop-loss orders to limit potential losses, and carefully monitoring market conditions to adjust positions if necessary.