Bitcoin and Ethereum have experienced a surge in short liquidations, pushing both assets into a bullish trend.
According to Coinglass data, total crypto liquidations have reached $138.23 million, indicating a bullish market sentiment. Notably, $95 million of these liquidations came from short positions, accounting for 71% of the total, further driving buying pressure.
Ethereum Takes the Lead
Ethereum (ETH) leads the way with $27.69 million in liquidations, including $23.84 million from shorts and $3.85 million from longs. 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, reflecting strong investor interest. The largest single liquidation order, worth $6.64 million, occurred on Binance in the ETH/USDT pair.
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Bitcoin Sees Positive Movement
Bitcoin (BTC) follows with $25 million in liquidations, including $21 million from shorts and $4 million from longs. This activity propelled Bitcoin to a four-month high of $69,460, with a slight correction to $68,700, still up 0.45% over the past day.
Bitcoin’s daily trading volume increased by 74%, reaching $24 billion, showing strong market engagement.
Overall Market Performance
The global crypto market cap hit a three-month high of $2.49 trillion, driven by gains across most major alt-coins, according to CoinGecko.
If long positions start to liquidate, selling pressure could emerge as traders attempt to minimize losses.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
Source: https://changelly.com/blog/bitcoin-and-ethereum-surge-due-to-short-liquidations/
