The overall crypto market experienced a surge in liquidations, surpassing $1.1 billion with Bitcoin price hitting a fresh all-time high within hours of dipping below $100K levels.
In the last 24 hours, the overall crypto market liquidations have surged over $1.1 billion as Bitcoin price took a dip BTC $83 800 24h volatility: 1.3% Market cap: $1.66 T Vol. 24h: $27.07 B under $100K before resuming the upward trajectory. The correction in the altcoins market is even more severe with the launch of the TRUMP meme coin and MELANIA meme coin over the past weekends. These two Solana-based meme coins have reportedly snatched liquidity from the rest of the crypto market.
As per the data from CoinGlass, a total of 406,000 traders faced liquidation in the last 24 hours. Of these, $921 million were in long liquidations while $260 million was in short liquidations. Ethereum ETH $1 596 24h volatility: 1.9% Market cap: $192.52 B Vol. 24h: $11.86 B led the market with over $207.5 million in long liquidations. However, Bitcoin followed closely with more than $202 million in long liquidations.
Bitcoin and Altcoins Stage Strong Recovery
Earlier today, following the launch of the MELANIA meme coin, Bitcoin and altcoins faced additional selling pressure. The launch of TRUMP meme coins over the weekend has attracted large liquidity ahead of the Donald Trump inauguration on January 20.
Bitcoin took a dive under $100K levels for a brief moment before recovering back. As of press time, BTC is trading 2.6% up hitting an all-time high of $108,258 level with daily trading volumes crossing $108 billion. Despite the recent volatility, on-chain development supports a bullish action ahead.
Over the past 96 hours, more than 20,000 Bitcoin (BTC), valued at over $2 billion, have been withdrawn from exchanges, reported analyst Ali Martinez. This significant outflow highlights growing investor confidence and the trend toward holding Bitcoin outside of exchanges.
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Source: Ali Charts
After strong correction, altcoins have also staged a strong recovery over the past hour. Along with Bitcoin, Ethereum price is also up by 3$ surging past $3,345 levels. As per the technical charts, ETH price has bounced back from the strong support levels of $3,100. Popular crypto analyst IncomeSharks explains that ETH can rally once again and is ready for a breakout above the downward trendline.
$ETH – Good start from entry. Momentum picking back up. Dotted line breaking will be confirmation to hold longer. https://t.co/tQHApt3kra pic.twitter.com/szo6nTOv3G
— IncomeSharks (@IncomeSharks) January 20, 2025
TRUMP Meme Coins Trigger Market Volatility
Over the weekend, both President Donald Trump and First Lady Melania Trump launched their own meme coin projects causing a massive stir in the market. The Official TRUMP (TRUMP) meme coin is now the third-largest meme coin after Dogecoin (DOGE) and Shiba Inu (SHIB) with a market cap of $11.7 billion within just two days of launch.
Also, it is the largest Solana meme coin overtaking the likes of BONK, PENGU, WIF, and others. The daily trading volumes for the TRUMP meme coin have surged to $55 billion. Speaking on the development, Donald Trump Jr. wrote:
“We are all extremely proud of what we continue to accomplish in crypto. $Trump is currently the hottest digital meme on earth and I truly believe that World Liberty Financial will revolutionize DeFi/Cefi and will be the future of finance. We are just getting started!”
On late Sunday, First Lady Melania Trump also launched her meme coin MELANIA which is now up 75% trading at $12.68 with its market cap soaring past $2 billion.
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