- The biggest gainer was PAX Gold, with a price increase of 1.81%.
- Tether Gold also recorded a 1.50% increase, a sign of an increasing interest in assets backed by gold.
- Bitcoin and Ethereum experienced massive liquidations, and Ethereum was in the lead at $300.32 million.
Over the last 24 hours, a number of cryptocurrencies have registered notable gains, which is attributed to more trading volume and interest in the market. These digital assets have proven to withstand volatile market trends.
PAX Gold (PAXG)
PAX Gold ($PAXG) has become the leading gainer, as its price has risen by 1.81%. As of writing, PAXG is traded at $3,454.83 with a 24-hour trading volume of more than 146 million. This increase indicates the rising need for using stablecoins based on physical assets, in particular, gold, in the case of unpredictable market fluctuations. The consistent price actions of the asset suggest its popularity as a safe haven asset, especially during the periods of heightened volatility in the market.
Tether Gold (XAUT)
Another gold-backed stablecoin, Tether Gold ($XAUT), is up 1.50%, and the price now stands at $3,431.29. The 24-hour trading volume of XAUT hit approximately $50 million. Tether Gold is becoming an important player in the stablecoin market as more investors are seeking the tangible assets linked to precious metals.
UNUS SED LEO (LEO)
UNUS SED LEO ($LEO) follows closely with the price increase of 0.63%. LEO has been performing well, and $8.98 remains stable on various crypto markets. LEO has a 24-hour trading volume that exceeds $2.5 million, making the coin have continued appeal to investors in need of stable returns in the world of cryptocurrencies.
Four (FORM)
Four ($FORM) closes the top-gainers list with a small upgrade of 0.06% to its price, which reached the value of $2.37. Although this increase in percentage is smaller, FORM has shown good liquidity, having a trading volume of over 22 million. This consistent performance despite market volatility puts FORM as an asset of interest to long-term investors.
Liquidation Surge in the Crypto Market
Although some cryptocurrencies have recorded gains, the overall market has been under immense pressure, which is evidenced by a liquidation flood of 711.73 million in the past 24 hours. Ethereum ($ETH) experienced the most significant share of these liquidations, followed by Bitcoin ($BTC) and Solana ($SOL).
Liquidity was high on the exchanges and is a significant contributor to these liquidations, resulting in massive trader losses. Ethereum had the highest number of liquidations at $300.32 million, almost half of all liquidations during the last 24 hours.
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