Key Points
- Bitcoin and Ethereum experience a surge in short liquidations, driving bullish momentum.
- Total crypto liquidations reach $138.23 million with Ethereum leading and Bitcoin following closely.
Bitcoin and Ethereum have undergone another round of short liquidations, which has resulted in an increase in bullish momentum for these assets.
Data on Crypto Liquidations
Data from Coinglass indicates that total crypto liquidations have hit $138.23 million as bullish sentiment takes over the market. The majority of these liquidations, over $95 million, are from short trading positions, which account for 71% dominance over long positions.
Increased short liquidations typically result in buying pressure. Ethereum (ETH) is currently leading the pack with $27.69 million in liquidations, comprised of $23.84 million shorts and $3.85 million longs. Ethereum has seen a 3.1% increase in the last 24 hours and is currently trading at $2,730.
The daily trading volume of Ethereum has seen a significant increase of 117%, reaching $17.4 billion as investor interest continues to grow. The largest single liquidation order was carried out on Binance, the biggest crypto exchange by trading volume. The order was worth $6.64 million in the ETH/USDT pair.
Bitcoin’s Position
Bitcoin (BTC) is not far behind with $25 million in liquidations, consisting of $21 million shorts and $4 million longs. This has led to Bitcoin’s price reaching a four-month high of $69,460. Despite a recent correction, Bitcoin has still seen a 0.45% increase over the last day and is currently trading at $68,700.
Bitcoin’s daily trading volume has also seen a notable increase, with a 74% surge, currently standing at $24 billion. The global crypto market cap has reached a three-month high of $2.49 trillion as most of the leading alt-coins are recording bullish gains.
If long positions begin to liquidate, it could potentially lead to significant selling pressure as traders would attempt to minimize their losses.