$200M in Liquidations as Crypto Markets Add $60B in a Day

The total value of liquidations skyrocketed to $200 million on a daily scale, as BTC, ETH, SOL, MATIC, and other digital assets jumped by impressive percentages.

• After several days of declines or lack of substantial volatility, the cryptocurrency market started to gain value in the past 24 hours.
• Bitcoin leads the charge with a 6% increase, which pushed it from below $20,000 to a multi-day high of just under $21,000.
• However, some of the altcoins have performed even more impressively, with ETH standing out. Perhaps fueled by the 9th Merge shadow fork going live, the largest altcoins went on a roll, adding more than 10% in a day. Consequently, it tapped a weekly high of its own above $1,200.
• Solana has soared by 13% in a day and sits close to $40. Polygon continues its run from yesterday, with another double-digit surge to $0.7. This comes after the network was chosen by Disney for its accelerator program.
• As with previous highly volatile trading days, over-leveraged traders have felt some pain, with almost 60,000 liquidated in the past day. Within the same timeframe, the total value of liquidations has soared to $200 million.
• The largest single liquidated order happened on OKX, worth almost $2 million in ETH.

Cryptocurrency Market Overview. Source: Quantify Crypto