Cryptocurrencies Bitcoin and Ethereum experience a spike in value as a result of mass short liquidations.
In a remarkable 24-hour period, the crypto market has witnessed a significant surge, with Bitcoin and Ethereum leading the charge. According to data from Coinglass, total crypto liquidations have reached an impressive $138.23 million.
Bitcoin, the world's largest cryptocurrency, has experienced a daily trading volume increase of 74%, reaching $24 billion. Despite a slight correction, Bitcoin has managed to reach a four-month high of $69,460, now trading at $68,700, up 0.45% over the past day. The surge in trading volume has resulted in Bitcoin experiencing $25 million in liquidations, with $21 million from shorts and $4 million from longs.
Ethereum, the second-largest cryptocurrency, has seen even more dramatic growth. Over the past 24 hours, Ethereum's price has risen by 3.1%, now trading at $2,730. Ethereum's daily trading volume has soared by 117%, reaching $17.4 billion. The surge in Ethereum's price has led to a significant amount of liquidations, with $27.69 million in total. Of this, $23.84 million came from shorts, while $3.85 million came from longs.
The largest single liquidation order, worth $6.64 million, occurred on Binance in the ETH/USDT pair. However, the search results do not specify which company or individual was responsible for this substantial order.
The surge in short liquidations for both Bitcoin and Ethereum has pushed both assets into a bullish trend. If long positions start to liquidate, selling pressure could emerge as traders attempt to minimize losses.
The bullish trend is not limited to Bitcoin and Ethereum. Most major alt-coins have also seen gains, contributing to the market cap increase. The global crypto market cap has hit a three-month high of $2.49 trillion.
This surge in the crypto market comes as no surprise to many analysts, who have been predicting a bullish trend for some time. As more institutions and individuals invest in cryptocurrencies, the market is expected to continue its upward trajectory.
In conclusion, the crypto market is experiencing a significant surge, with Bitcoin and Ethereum leading the way. The surge has resulted in a large number of liquidations, but the bullish trend is expected to continue, with the global crypto market cap hitting a three-month high of $2.49 trillion.
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