Bitcoin and Ethereum were the top cryptocurrencies for liquidation, as 54,000 traders lost leveraged positions and the market cap reached $2.1 trillion.
CoinGlass reports that more than $145 million has been liquidated in the crypto market across all exchanges within 24 hours. As traders were expecting lower prices, $91 Million of these trades was registered as short positions.
The total cryptocurrency market capitalization rose by 1.2%, according to CoinGecko. This liquidated the downside wagers. A $4,000,000 Bitcoin (BTCThe largest single liquidation order was a ) position on a USDT-Pairing. Binance was the biggest crypto exchange.
The combined loss of BTC and Ethereum was at least 70 million dollars.ETH() on both long and short punts.
Bitcoin and Ethereum are moving up
BTC and ETH have experienced price increases in the last week. In the last week, tokens gained between 3% and 11 % amid bullish sentiment.
Bitcoin ETF The approvals of the U.S. SEC, which took place on Jan. 10, seem to have been a major driving force behind Bitcoin’s rally. It currently trades at $51,800 with a market capitalization exceeding $1 trillion. This makes BTC the 10th most valuable asset in the entire world. The Bitcoin halving is also anticipated for April.
Some think that the halving which reduces new block rewards by half and BTC acquisitions to buy spot Bitcoin ETFs could cause a demand increase while supply is squeezed. The leading hypothesis This will likely cause the largest crypto asset to experience a rapid rise.
Ethereum’s current popularity is based on a technological aspect. upgrade dubbed Dencun. The developers have stated that the changes will expand data availability for layer-2 rollsups by using a blob function. The L2s can now add more data per block to reduce transaction costs, and improve scalability.
Dencun is slated After successful testing, the mainnet of Ethereum will be launched around mid-March, following the successful testing of three testnets, Goerli Sepolia and Holesky.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: crypto.news