In the past 24 hours, the cryptocurrency market has experienced over $1 billion in liquidations, with reports indicating that approximately $1.24 billion worth of positions were liquidated, affecting about 379,000 traders. The majority of these liquidations were attributed to long positions, particularly in small and mid-sized altcoins. Bitcoin also saw significant liquidations, with specific reports detailing a $15.24 million long position and a $12.54 million long position being liquidated. The volatility in the market is expected to continue, prompting warnings for traders to exercise caution with leverage. The recent fluctuations have been exacerbated by the launch of memecoins and the current market conditions, which are described as frothy and unstable.