Bitcoin remains stable despite $7B-$9B in liquidations, while altcoins face losses and Ethereum sees a surge in short-term volatility over 140%.
Bitcoin Holds Steady as Altcoins Face Billions in Liquidations
Bitcoin demonstrated resilience amid market fluctuations as altcoins experienced losses due, to liquidations totaling between $ 7 billion and $ 9 billion according to a study, by Bybit and Block Scholes.
Significant open interest was wiped out by selling pressure in the market; however, Bitcoin performance remained relatively stable amidst this activity. Meanwhile, Ethereum and other alternative cryptocurrencies experienced fluctuations, in their prices. Ethereums options market witnessed a surge in short-term volatility of over 140% marking its point in more, than three months.
Many altcoins faced a decline, in funding rates recently which fueled a sense of pessimism among investors. The options market for Bitcoin remained strong amidst market challenges. Trade activities saw an uptick as perpetual swaps hit a volume of $31 Billion. The highest seen in more, than a month.
Bitcoins price remaining steady suggests a possibility of consolidation in the market; however, the ongoing volatility, in cryptocurrencies poses a threat of sell-offs.
