Crypto Market Experiences $133B Liquidation Surge Amidst Volatility, PHOENIX Group Report Highlights

The crypto market experienced significant price swings during recent trading activity. Bitcoin ($BTC) remained stable at around $84,164, while Ethereum ($ETH) gained substantial ground, exceeding $1,858 and capturing 61.8% of the market dominance. Despite its immense $3 trillion market capitalization, this sector witnessed substantial fluctuations due to leveraged trading and broader market forces that triggered a staggering $133.87 billion in total liquidations over the last 24-hour period. Notably, other altcoins also experienced notable price shifts: EOS dropped by 4.6% following network integration with the HyperEVM ecosystem, while $GRASS saw a decline of 7.2% due to Binance Futures adding it with 50x leverage. The decline in $CRO was 3.1% despite Cronos integrating Chainlink price feeds for DeFi applications. Meanwhile, privacy-focused coins like $ZEC dropped by 7.4%, and $WAL decreased by 2.4%. This volatility likely contributed to the rise of $SUI due to the launch of the Walrus Protocol on the Sui network. High liquidations underscore the market’s volatile nature.