Bitcoin surpasses Ethereum, Solana, and Cardano despite heavy selling pressure

Bitcoin has proven resilient amid the broader cryptocurrency market’s downturn, showing less than a 1% fall while total liquidations soared past $542 million. Ethereum took the lead in forced unwinds, with about $134 million in liquidations. Cardano experienced the most significant decline among the major coins, dropping over 5% in just 24 hours.

Despite the general market drop of around 1%, Bitcoin managed to hold its ground on Wednesday night, trading near $86,650. Retail sentiment on Stocktwits indicated an ‘extremely bearish’ outlook towards Bitcoin, with low levels of chatter surrounding the coin. The decrease in Bitcoin’s price could be attributed to ETF outflows exceeding $277 million, with spot exchanges losing approximately $435.94 million so far this month.

Binance Coin fell about 2.4% to approximately $846, with minimal liquidations of less than $0.2 million in the previous 24 hours. Binance’s recent announcement offering rewards to identify fake listings and scams may have influenced the coin’s price slip. Ethereum dominated liquidations, totaling around $134 million, while experiencing a 4.22% decline to roughly $2,838. The heavy liquidations underscored Ethereum’s status as a primary platform for leveraged positions and risk hedging.

Altcoins faced significant pressure as Ripple fell about 4% to $1.86, with minimal liquidations of $5 million in 24 hours. Dogecoin dropped roughly 4.52% to $0.126, losing over $0.9 million in liquidations. Solana decreased by approximately 4.37% to $123.6, with liquidations of nearly $21 million. Cardano suffered the most significant loss among major tokens, plummeting approximately 5.16% to around $0.37, with liquidations totaling about $0.26 million.

The broader crypto market saw over $542.38 million in liquidations in 24 hours, indicating a widespread de-risking trend rather than panic selling. Despite the market turmoil, Bitcoin’s resilience and the dominance of Ethereum in liquidations highlight the shifting dynamics within the cryptocurrency space.