Monero Outperforms Bitcoin, Zcash And NEAR – XMR Shorts Face $179K In Liquidations

• Monero rose more than 3% on Tuesday, outpacing Bitcoin, Zcash and NEAR Protocol as the broader crypto market slipped alongside a tech-stock sell-off.
• Bitcoin fell about 1%, and NEAR dropped more than 6% over 24 hours, while Zcash edged up about 0.2%.
• Monero’s gains held days after its developers released version 0.18.5.4, a bug-fix update the project called “a minor release,” ahead of a “breaking change” planned for v0.19.

Monero (XMR) outpaced Bitcoin (BTC), Zcash (ZEC), and NEAR Protocol (NEAR) on Tuesday, as the broader crypto market slipped alongside a tech-stock sell-off.

The crypto drop followed a rough patch for Wall Street’s tech names. US technology and semiconductor stocks have recently dropped off amid concerns about the sustainability of artificial intelligence (AI) spending, high valuations and interest rates. Technology stocks partially recovered on Monday but came under pressure again on Tuesday.

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Zcash, NEAR And Bitcoin Lag

Bitcoin’s price fell about 1% over 24 hours, while NEAR’s price fell more than 6%. ZEC’s price was up over 0.2%. XMR’s price was up more than 3% in the past 24 hours. 

On Stocktwits, retail sentiment around XMR slipped into the ‘bearish’ zone from the 'neutral’ zone, while retail sentiment around ZEC, NEAR and BTC stayed in the “extremely bearish” zone over the past day.

Bitcoin Long Liquidations Top $29M As Shorts Account For 83% Of XMR Wipeouts

Bitcoin traders saw $34.71 million worth of holdings wiped out. Of it, longs stood around 84.9% or around $29.5 million. That was the most one-sided of the four splits, with bullish traders taking nearly all of the losses. Zcash came next with $5.65 million, more evenly distributed. Longs were down around $3.4 million or 60.8%, while shorts lost nearly $2.2 million. Long liquidations were around $3.25 million for NEAR.

Monero’s 24-hour liquidations were just $216,110, a tiny fraction of the others. But shorts accounted for $179K of the total, or nearly 83%, while longs lost $37,400. Short liquidations on that scale typically happen when prices increase and force negative bets to close. Most of Monero’s recent liquidations date back to more than 12 hours ago.

Monero Releases Minor Update

Monero continued to defy market odds and held its gains days after its developers released version 0.18.5.4, which the project called “a minor release that includes bug fixes.” According to the project, the update repaired how Monero nodes verify DNS records used for network checkpoints, blocklists of bad peers, and update checks. It also restored an older way that apps send data to a node. According to the project, that behavior will be removed in v0.19 as a “breaking change,” pointing to Monero’s next major version.

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