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The altcoin market in the last 24 hours experienced significant turbulence.
What Happened: Over $335 million in liquidations across various altcoin futures, involving Big Time’s (CRYPTO: BIGTIME) and Ordi Protocol’s (CRYPTO: ORDI) tokens, took place.
Liquidation in this context occurs when an exchange is compelled to close a trader's leveraged position due to a complete or partial loss of the trader's initial margin.
This typically happens when a trader cannot meet the margin requirements to maintain a leveraged position, lacking sufficient funds to keep the trade open.
These liquidations affected both long positions — bets on rising prices — and short positions, which bet on price declines.
The prices of both tokens experienced dramatic fluctuations in the past day, affecting traders on both sides of the market.
Also Read: Crypto Market Rally Not Fake - Forecasting Altcoin Market Cap To Reach All-Time Highs By 2025
Why It Matters: The demand for Bitcoin-linked tokens has recently fueled interest in ORDI, resulting in the tokens soaring by 580% over the past month.
Concurrently, the growing narrative around crypto gaming platforms has been advantageous for Bigtime holders, who have witnessed nearly a 400% increase since early November.
In other developments, traders of Celestia’s (CRYPTO: TIA) and Memeland’s (CRYPTO: MEME) tokens, both launched last month, incurred losses totaling approximately $10 million.
Additionally, the once-prominent Terra ecosystem's related tokens, including LUNC (CRYPTO: LUNC), USTC (CRYPTO: USTC), and LUNA (CRYPTO: LUNA), saw traders lose around $11 million.
These tokens experienced a surge of up to 70% on Monday, driven by various catalysts.
Read Next: Bitcoin Can Uphold Western Values In Digital Realm, Says Coinbase CEO Brian Armstrong
