Liquidation Frenzy
Over the past 24 hours, the crypto market has seen a massive wave of liquidations, with over $330 million wiped out. Short traders, who bet on prices falling, bore the brunt of the losses, accounting for 81% of the total.
Ethereum Outshines Bitcoin
Unlike previous liquidations, Bitcoin took a backseat this time, with Ethereum leading the charge. The recent 20% surge in Ethereum’s price triggered a surge in liquidations, accounting for 32% of the total, or $105 million.
Solana and Others
Solana also saw significant liquidations at $21.53 million, followed by Dogecoin ($7.42 million) and PEPE ($4.3 million).
Market Rally Led by Ethereum
The market rally has been driven primarily by Ethereum, with Bitcoin providing support. The SEC’s request for updates on Spot ETF filings has boosted market sentiment, as investors anticipate the approval of Ethereum ETFs.
Ethereum’s Rise
Ethereum’s price has surged from $3,100 to over $3,700, while Bitcoin has crossed $71,000, marking one of the strongest days for the crypto market in 2024.
