The cryptocurrency market is experiencing a decline, with major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and XRP (XRP) seeing significant drops in their prices. This has caused a bearish outlook in the overall market sentiment.
According to Coinglass, a data analytics firm, this shift in the market has led to the liquidation of $1.69 billion worth of leveraged positions from 558,704 traders in the past 24 hours. The majority of these liquidations came from long positions, with $1.5 billion being liquidated, compared to only $178.21 million from short positions.
The liquidation data suggests that the bulls have been most affected by this price decline. If the market sentiment remains the same, these liquidations may continue in the coming days unless there is a significant development in the market.
Today, Bitcoin, Ethereum, and XRP have seen price declines of 2%, 6.5%, and 14.6%, respectively, over the past 24 hours. Meme coins BONK and FLOKI have been hit the hardest, with drops of 22% and 21.5%, respectively, during the same period.
The recent rally in the market, which saw some assets gaining significant upside momentum without any price corrections, followed the results of the United States Presidential election.
Experts on social media suggest that now might be a good time to accumulate top assets, as they are trading at discounted levels. Whales and institutions are also increasing their holdings, according to CoinPedia.
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