Bitcoin
ETH Liquidations Outperform Bitcoin’s Following Drop Below $3,200
Ethereum (ETH) liquidations surpass those of Bitcoin (Bitcoin) for the second time in the last seven days.
According to data provided by Coinglass, global crypto settlements reached $195.11 million in the last 24 hours. ETH is currently on top with a total of $64.75 million in liquidations – $57.18 million in long positions and $7.57 million in short positions.
Bitcoin comes in second place, with $46.74 million in liquidations the previous day – $32.85 million in long positions and $13.89 million in short positions.
According to data, dominant long position liquidations emerge as global cryptocurrency Marketplace sees correction – with total market capitalization falling from $2.53 trillion to $2.46 trillion in the last day.
This is the second time in the past week that Ethereum liquidations have outpaced Bitcoin. On May 1, ETH witnessed $91.76 million in liquidations, while BTC hovered at $68.51 million.
Furthermore, total crypto open interest has decreased by 2.12% in the last 24 hours and is currently at $57.17 billion, according to data from Coinglass.
According to data from Santiment, BTC’s total open interest fell from $10.45 billion to $10.21 billion in the last 24 hours. Bitcoin price also recorded a 1.5% drop over the same period and is trading at $64,200 at the time of writing.
BTC price, ETH price and open interest data – May 7 | Source: Santíment
Data from the market intelligence platform shows that ETH’s open interest has registered a drop of 1.7% in the last day and is hovering at $4.89 billion. Ethereum is down 2.7% in the last 24 hours and is trading at $3,110 at the time of reporting.
With the fall of the world cryptocurrency open contracts, lower price volatility would normally be expected for key digital assets.