Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Major cryptocurrencies had a mixed trading day on Christmas. Cryptocurrency traders who bet on shorts didn’t have a good day today.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +0.71% | $43,434 |
| Ethereum (CRYPTO: ETH) | -0.51% | $2,267 |
| Dogecoin (CRYPTO: DOGE) | +1.41% | $0.093 |
What Happened: According to CoinGlass data, over the last 24 hours over $80 million worth of shorts were liquidated with Solana, taking the first place in short liquidations.
A total of 56,997 traders were liquidated within this period, leading to a whopping $129.00 million in total liquidations.
The largest single liquidation order occurred on Huobi where the value of SOL-USDT was $2.17M.
It is worth noting that CoinGlass’s heat map indicates that SOL short traders were the most affected with over $13 million in SOL shorts being liquidated. Interestingly, SOL has seen a tenfold increase in value since the year 2023, and at the time of this writing, it is valued at $120 per coin.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Sats (CRYPTO: 1000SATS) | +39.56% | $0.00090 |
| ORDI (CRYPTO: ORDI) | +38.62% | $77.34 |
| The Sandbox (CRYPTO: SAND) | +19.15% | $0.65 |
The global crypto market cap has reached $1.69 trillion, marking a 0.55% increase in the last 24 hours.
The U.S. stock market was closed on Monday for Christmas.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe said, "total market capitalization for altcoins is finally breaking out of a range of 500+ days. Retest took place and found sufficient amount of support, which means that Q1 is likely bringing a 2x on the Altcoin market capitalization."
Total market capitalization for #Altcoins is finally breaking out of a range of 500+ days.Retest took place and found sufficient amount of support, which means that Q1 is likely bringing a 2x on the Altcoin market capitalization. pic.twitter.com/CanYwlglb9
— Michaël van de Poppe (@CryptoMichNL) December 24, 2023
Bitcoin is set to soar higher, according to analyst Credible Crypto, who believes that the current price point of around $43,500 makes it "absolutely primed" for growth. "It really does not get much better than this," one of the posts summarized. "Some final accumulation going on here before the push to 50k+ imo."
The latest data from LunarCrush reveals a dip in the Bitcoin Social Dominance score, indicating a drop of 26.84% in the last 24 hours. Additionally, the number of social interactions decreased by 1.79%, reaching 7.48 billion interactions.
Photo by Igor Faun on Shutterstock
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.