Crypto traders experienced a rollercoaster ride in the past 24 hours as the market saw a total of $280.71 million in liquidations, affecting over 79,000 traders. Bitcoin, the leading cryptocurrency, surged by 2.79% to reach $67,861.28, inching closer to its all-time high of $73,686.93, before settling around $67,400. Meanwhile, Ethereum also saw a modest increase of 0.93% to $2,628.81.
According to data from Coinglass, long positions contributed to $151.47 million of the liquidations, while short positions accounted for $129.24 million. The largest single liquidation took place on OKX’s ETH-USDT-SWAP, amounting to $6.55 million. In the last four hours alone, $31.73 million was liquidated, with shorts making up 73.13% of the total. Binance emerged as the top exchange in terms of liquidations, with $18.89 million, of which 78.23% were short positions.
Bitcoin’s market capitalization now stands at $1.34 trillion, while Ethereum’s market cap is at $316.47 billion. Both cryptocurrencies have seen significant gains over the past week, with Bitcoin up by 9.8% and Ethereum rising by 8.26%.
The substantial liquidation of short positions indicates that traders who were betting on a market downturn suffered significant losses as prices continued to climb. This shift in market sentiment towards bullishness suggests that investors are increasingly optimistic about the future of cryptocurrencies.
In light of these developments, it is crucial for crypto traders to stay informed and adapt to the ever-changing market conditions. Keeping a close eye on price movements, market trends, and trading volumes can help traders make more informed decisions and navigate the volatility of the crypto market effectively. As the market continues to evolve, staying ahead of the curve and being prepared for potential fluctuations is key to success in the world of cryptocurrency trading.