The past 12 hours have been the mind-boggling one for crypto market bulls as substantial liquidations struck the electronic currency ecosystem. According to data from Bybt, an overall total of over 364, 00 traders have been liquidated in the past 24 hours with more than $3. 41 billion worth of trades liquidated in the past 24 hours. As usual, Bitcoin received the biggest thumping with over 28. 37k BTC units liquidated, amounting to a valuation of $1. 33 billion.
Altcoins which includes Ethereum (ETH) and Solana (SOL) were not also spared from the painful bear-fueled liquidation. While the former recorded liquidations worth approximately 257. 15K ETH (or $884. 96M), a record of 334. 32K TERRAIN totaling $57. 04 mil was also liquidated.
General Price Downturn: Solana Standing Strong
The cost action on various digital currencies has been on the negative side as the flash crash ushered in a bearish ripple effect into the market. At the time of composing, Bitcoin has retracted back to a weekly low of $43, 285. 21 and it is currently investing at $46, 909. 75, down 9. 37% in the past 24 hours.
Ethereum is changing hands with $3, 441. 40 on top of a 12. 71% downturn. The two top coins, Cardano (ADA), and Binance Coin (BNB) also shed off fifteen. 33%, and 16. 04% of their prices to $2. 41 and $418 respectively. Amongst the top digital foreign currencies, Solana comes off because the most resistant to the continuing price action, coasting at a price of $177. 05 with a gain of 8. 51% to maintain its steady uptrend since the past week.
At present valuation, Solana now rates as the 7th largest electronic currency with a $51. 2 billion market capitalization. The particular coin is 10% below its all-time high (ATH) price of $194. 82 attained about 13 hours ago.
Effect of Functional Ecosystem
The particular stability and resilience from the Solana token amidst the particular massive price dip could be attributed to the quality of decentralized finance (DeFi), and Non-Fungible Symbol (NFT) protocols making the particular blockchain their home. With new projects being launched, the particular demand for the SOL symbol is on the rise, and thus, counterbalancing the effects of the sell-offs.
The write-up Resisting Battering: Solana Stands Strong Amid Crypto Market Flash Crash appeared 1st on Coingape.