ethereum (eth) liquidations surpass bitcoin (btc) for the second time in the last seven days.
According data Provided by Coinglass, global cryptocurrency liquidations 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 is in second place with $46.74 million in liquidations over the past day: $32.85 million in long positions and $13.89 million in short positions.
According to the data, dominant liquidations of long positions emerge as the global cryptocurrency market experiences a correction: the total market capitalization fell from $2.53 trillion to $2.46 trillion over the past day.
This is the second time over the past week that ethereum liquidations exceeded bitcoin liquidations. On May 1, eth witnessed liquidations of $91.76 million, while those of btc were around $68.51 million.
Furthermore, total cryptocurrency open interest decreased by 2.12% in the last 24 hours and currently stands at $57.17 billion, according to data from Coinglass.
According to data from Santiment, total btc open interest fell from $10.45 billion to $10.21 billion in the last 24 hours. bitcoin price also recorded a 1.5% drop in the same period and is trading at $64,200 at the time of writing.
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Data from the market intelligence platform shows that eth open interest recorded a 1.7% decline over the past day and is around $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 global cryptocurrency open interest falling, one would normally expect lower price volatility for major digital assets.
