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The crypto world is in a state of flux. Altcoin futures experienced a turbulent Monday with an increase in both long and short liquidations. Particularly, lesser-known tokens like Big Time’s BIGTIME and Ordi Protocol’s ORDI gained attention by contributing a surprising $250 million to total altcoin liquidations in the past 24 hours.
Altcoin Liquidations: $250 Million Shake-up
Altcoin liquidations occur when sudden and sharp market movements force the closure of leveraged positions on exchanges, resulting in significant losses for traders. The recent market turbulence highlights the volatility within the altcoin sector and emphasizes the risks associated with leveraged trading.
In the absence of Bitcoin (BTC) and Ethereum (ETH) futures liquidations, altcoins like ORDI and BIGTIME took center stage with $14 million and $12 million in liquidated amounts, respectively.
These figures encompass both long positions, where investors bet on price increases, and short positions, where they bet against declining prices. The volatile price fluctuations of these tokens in the past 24 hours have resulted in struggles for traders on both sides.
Token Dynamics: BIGTIME and ORDI Riding the Excitement Wave
BIGTIME and ORDI tokens, affiliated with Big Time and Ordi Protocol, played a significant role in the liquidation frenzy. The demand for Bitcoin-related tokens supported ORDI, leading to a notable gain of 580% last month. Meanwhile, the narrative of a crypto gaming platform strengthened BIGTIME, rewarding its holders with a significant 400% increase since the beginning of November.
The consequences of this market chaos extended to tokens like Celestia’s TIA and Memeland’s MEME, resulting in losses of $10 million for position-taking traders.
On another front, tokens associated with Terra’s once strong ecosystem caught attention. Those who held positions in LUNC, USTC, and LUNA collectively lost approximately $11 million as these tokens experienced price increases of up to 70% on Monday due to various catalysts.
Amidst the storm in the market, the altcoin world continues to be unpredictable, with traders grappling with sudden liquidations and price fluctuations. The $250 million liquidation frenzy serves as a sharp reminder of the dynamic nature of the crypto market and calls upon participants to exercise caution in their pursuit of gains.
