In the ever-changing and fast-paced world of cryptocurrencies, market volatility is a constant reality. The cryptocurrency market has experienced a significant decline over the past 24 hours, sending shockwaves throughout the industry. Several popular digital assets have experienced price declines that have attracted the focus of traders and enthusiasts.
Stellar (XLM), a renowned cryptocurrency known for its decentralized payment protocol, has witnessed a decline of 10.19% in the past 24 hours, with the current price at $0.133958. A strong bearish momentum triggered the sudden drop in value, resulting in a sharp decrease from its previous high of $0.1518. A significant liquidation amount of about 1.84 million XLM short- and long-term tokens has been documented within this timeframe.
XRP, a prominent cryptocurrency ranked fifth by CoinMarketCap, has also experienced a decline of 5.87% within the last 24 hours, bringing its price down to $0.727035. The trading volume for XRP has decreased by 56.07% during this period, following a fall from its weekly high of $0.8034. The total liquidation amount, encompassing both long-term and short-term positions, reached approximately 19.07 million XRP tokens.
Fantom (FTM), another notable cryptocurrency, has witnessed a similar fate, with the price dropping by 9.22% in the past 24 hours. After hitting a high of $0.3165 on the previous day, bearish pressure drove the market downwards. The liquidation amount within the last 24 hours stands at around $952.87K, encompassing both short and long-term liquidations.
Bitcoin SV (BSV), a cryptocurrency that emerged as a result of a hard fork from Bitcoin Cash, has recently faced an 8.60% decline in its price, with the current value resting at $36.28. A total liquidation amount of $677.78K was recorded, with $667.87K falling under the long-term category and $9.90K under the short-term category. The market saw a downward trend after the price dropped from its previous day’s high of $39.88.
LTC, a prominent cryptocurrency known for its fast transaction confirmation times and low fees, has witnessed a 5.14% decrease in the past 24 hours, with the current price resting at $95.17. Despite rallying above $100 the previous day, the bullish momentum faded, giving way to bearish pressure. The liquidation amount during this period reached $5.01 million, primarily comprising long-term positions.
Maker (MKR), a decentralized autonomous organization Maker DAO’s cryptocurrency, has faced a decline of 6.06% within the last 24 hours, with the current price reaching $869.51. The resistance level at $936.74, a weekly high, was breached by the bears, resulting in the current price level. Liquidations totaling $622.19K, both long-term and short-term, were observed within the day.
To sum up, the past 24 hours have been marked by a significant downturn in the cryptocurrency market, as XLM, XRP, FTM, BSV, LTC, and MKR experienced sharp price declines. These price drops, accompanied by substantial liquidation amounts, highlight the crypto market’s volatile nature and the challenges digital assets face in maintaining stability.
