Ethereum Declines By 10.54%: $5.5 Million Longs Liquidated on BitMEX
Recently, Ethereum dropped by 10.54% from $240.47 to $215.13 in three hours. During the collapse, there were liquidations valued at millions of dollars on the BitMEX platform. According to data by Skew, massive liquidations occurred between the 26th of February and early on the 27th of February.
Initial liquidations happened at about 16:00 UTC when Ethereum valued at $3 million (longs) liquidated on BitMEX. Seven hours later, liquidation worth $2.5 million occurred. The aggregated sell and buy liquidations recorded were $11 million and $594k, respectively.
Analyzing the ETH Performance against BTC
Recently, there is high longs liquidation within the Ethereum Futures Market. On the 19th of February, the cryptocurrency attained a Zenith, recording longs valued at about $9 million. On the other hand, Bitcoin liquidations were more than $150 million, representing the highest this year.
However, Ethereum performed better than Bitcoin since it incurred a 62.19% gain, while Bitcoin incurred a 19.21% gain. According to the correlation between Bitcoin and Ethereum, there could be losses in the altcoin as the correlation was inclining at the press time.
From the 12th to the 15th of February, a 70% decline occurred, as observed in Ethereum and Bitcoin’s correlation. However, at the time of writing, the correlation is at 77%. At press time, Ethereum’s price was $231.12, while its trading volume within the previous 24 hours was $17.1B.