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.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.