The top cryptocurrency, Bitcoin, has welcomed the week with green candles. BTC’s price has gained nearly 6% in the last 24 hours, turning the whole cryptocurrency market green. While the long positions benefited from this bullish movement, a huge number of Short positions liquidated due to this unprecedented move in the crypto market. The 2nd largest cryptocurrency by market value, Ethereum, has witnessed an all-time high short liquidation today, indicating that traders were not expected this sudden change in price.
According to crypto Analytics firm, CryptoQuant, $666 million in Ethereum shorts positions was liquidated after ETH gained nearly 8% in the past 24 hours. A total of 368K positions of Shorts were wiped out amid ETH price hits $1,914. The previous all-time high liquidation of ETH shorts was $527 million on 21st May 2021.
Most of the liquidation comes from the popular derivatives exchange Bitfinex. And overall, 87.38% of short positions were liquidated in the past 24 hours.
The recent upward movement in Bitcoin price has sent a bullish wave in the cryptocurrency market. Most of the top coins registered a double-digit gain in 24 hours. Cardano(ADA) leads the chart of top gainers with a 13% increase in its price in the last 24 hours. Other top gainers are SOL 11.22%, AVAX 10.44%, LINK 10.26% and MATIC 10.75%.
While the recent move managed to push Bitcoin price out of the $30,000 range, it still faces major resistance at the $32k level. BTC tried breaking this resistance last week but was brutally rejected. This dreadful downturn is still not over until bitcoin could breach the last high of $32,458 and manage to settle above this zone.