No one can say that the crypto winter is over yet, But the good news is that Bitcoin and ETH seem to have gained significant momentum in the past 24 hours. This greenish price movement has caused many investors to liquidate their short positions.
Another good news is that the global crypto market cap that plummeted recently has gained $150 Billion. Now it is more than 1 Trillion.
Ethereum Price Gains As Bitcoin Surges
As per available data on CoinMarketCap, BTC price at the time of writing is on the verge of registering the $24k mark, while Ethereum stands at $1,605, showing a major increase in 24 hours.
Bitcoin claims significant gains | Source: BTCUSDT on TradingView.com
Based on historical data, Bitcoin climbed above the $20K mark at the close of the market on July 16. It opened in July at $21,195.04, but unfortunately, it fell to $20,779.34 at the close of the market on July 17. But on July 18, the number one crypto saw an increase to $22,176.05 and has continued to maintain the price increase mid-day.
Related Reading | An Interview with Ben Caselin on AAX- Lightning Network Integration and TARO Protocol Implementation
Also, the second largest crypto ETH has seen a positive movement in its price. Ethereum ETH price gained 9% on July 18. The crypto had tried holding its price above $1200 since July 7, when it attained that height.
Unfortunately, it fell to $1,097.24 at the close of the market on July 11 and continued below $1,100 until July 13. From that day, ETH started its journey above the $1,100 level until July 18, when it hit $1, 471.65 representing a 24-hour increase of 9.12%.
Short Positions Liquidated
The positive price movement on both Bitcoin and Ethereum has resulted in the liquidation of many short positions. According to our sources, the total liquidated shorts amounts to $160 million while the long positions stand at $90 million, making it a total of $250 million in liquidations.
According to the available data on Coinglass, FTX recorded the largest liquidation so far. In the last hour alone, ETH’s price in the futures sector recorded over $4 million in liquidations.
Data also showed that investors are liquidating more of their ETH positions and have been at it for more than 4 hours since the price changed. Our sources revealed that around 65K ETH had been liquidated, amounting to $94 million in these hours.
Related Reading | Ethereum Merge: How ETHBTC Could Hint At A Return Of Risk Appetite
Regarding the positions being liquidated, our sources discovered that more were on short positions and are taking place on many large crypto exchanges. crypto exchange platform OKX records the most liquidation over the past 24 hours only surpassed by Binance. These platforms have liquidated over $10 million in short positions over the past 4 hours.
Featured image from BBC, chart from TradingView.com