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Home»Altcoins»An assessment of the upcoming crypto week after $690 million in liquidations
Altcoins

An assessment of the upcoming crypto week after $690 million in liquidations

2024-09-16No Comments2 Mins Read
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Posted: September 16, 2024

  • There have been more long liquidations in the new week.
  • The total market capitalization remained around $2 trillion.

The cryptocurrency market saw significant liquidation volumes over the past week as prices fluctuated. Short traders in particular, like Bitcoin, were hit hardest by these liquidations [BTC] showed some positive movement.

Meanwhile, memecoins continued to see a decline in market cap, setting a cautious tone for the crypto week ahead.

Liquidations in the coming crypto week

Last week’s market volatility resulted in more than $690 million in liquidations, according to data Mint glass. This highlighted the increased risk and uncertainty in the crypto space.

Notably, more than $418 million of these liquidations came from short positions, indicating that many traders who were betting on price declines were caught off guard by the recent price increases.

Liquidation for the upcoming crypto weekLiquidation for the upcoming crypto week

Source: Coinglass

In contrast, the past week saw a higher volume of long-term liquidations, totaling approximately $276 million.

This shift signaled a change in market sentiment, as traders expecting profits were forced to exit their positions due to price volatility.

As we enter the current week, there has been a noticeable increase in the number of long-term liquidations, signaling potential challenges for those betting on further price increases.

This shift adds to the uncertainty surrounding the market direction for the upcoming crypto week.

Memecoins face a further decline

Memecoins have been in a downward trend for several weeks and the outlook for the coming crypto week remains bleak.

Data shows that the market capitalization of memecoins has fallen by over $3 billion from the beginning of the month to date, to around $35 billion at the time of writing.

See also  ChatGPT skeptical about PEPE - is it warranted?

Big memecoins like Dogecoin [DOGE]Shiba Inu [SHIB]and Pepe [PEPE] have all seen declines in the past 24 hours, suggesting the negative trend for memecoins could continue.

Cautious optimism ahead

While Bitcoin’s recent positive movement and liquidation data indicate a possible shift in sentiment, the uptick in long liquidations indicates that traders remain divided on the direction of the market.

On the other hand, memecoins have started the week on a negative note, with declining market caps contributing to the bearish sentiment.

Overall, the upcoming crypto week promises to be eventful, with traders keeping a close eye on key levels and trends of various digital assets.

Next: ETH/BTC Pair Drops Below 0.04: Is This Ethereum’s Bottom?

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