This week, the crypto industry increased its valuation by $1 trillion in market capitalization. When the industry was indicating towards dipping valuation, a significant number of liquidations happened with a short-term approach which took the valuation high. In these short liquidations, around $500 million were transactions. The high amount of liquidation helped in raising the prices since Friday. It has reached its highest valuation if we see since October 2022. The figure shows that around 70% of traders. The liquidation number suggests that around 70% of the traders in the domain gave losses as exchanges switched off leveraged positions. This happened because of complete or partial evaporation of the margin, which was under the traders in the starting.
The crypto exchange called OKX also went through several short losses, accounting for a total of $256 million on Friday. If we compare the losses of OKX to other crypto exchanges, it took the position for the highest loss value. Then, next in line came Binance with a loss of $125 million, followed by Huobi with a loss of $42 million.
The native APT tokens owned by Aptos witnessed an increase of $10 million through liquidations which was an irregular motion from the previous ones because the prices went up by 2 times in the last week. The significant cryptocurrencies are also increased by 20% in the past week. Bitcoin has seen an increase of 22%, which took its value by $21,000 on solid CPI data. On the same note, Ether went up by $1,600 along with Solana, which went up by 70% from its last trading value of $9; it reached $24 on Monday just in the previous week of December. The increased transactional movement on Cardano and Solana is the reason for the uplift of ADA and SOL. The movement wasn’t entirely irrational, as the fundamentals pointed toward a positive direction for several tokens.
