As a researcher with a background in crypto markets, I find the recent market recovery, led by Bitcoin (BTC) and Ethereum (ETH), quite intriguing. The bullish trend has resulted in a significant increase in the combined crypto market cap to $2.59 trillion. However, this growth comes with its challenges as we see substantial liquidations worth $374.85 million, affecting over 94,000 traders.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin (BTC) and Ethereum (ETH) have spearheaded a bullish market recovery, wiping out a significant portion of the outstanding deficits. At present, the total crypto market capitalization has surged by 8.91% to reach an impressive $2.59 trillion.
Bitcoin and Ethereum Liquidation
Based on information from cryptocurrency analysis tool CoinGlass, the total market liquidation amount is approximately $374.85 million. Over 94,400 traders were impacted by this figure, with most being short sellers. The data reveals that Bitcoin’s liquidation in a 24-hour period was around $97.74 million. This breakdown includes $24.51 million from long positions and $73.23 million from short positions.
As a crypto investor, I was taken aback by the fact that Ethereum’s liquidations surpassed Bitcoin’s during this recent market turbulence. Given Ethereum’s pivotal role in driving industry innovation, this was an unexpected turn of events. The daily liquidation tally for Ethereum reached a staggering $132.17 million. To put it into perspective, long positions accounted for $29.24 million worth of these liquidations, while the short positions clocked in at a hefty $102.93 million.
The data on liquidations included prominent altcoins, notably those experiencing significant price increases. For instance, Solana (SOL) recorded approximately $23.28 million in liquidations, which can be attributed to its over 10% price spike earlier today. At present, Solana is witnessing a decline and is currently priced at $176.87, marking a 1.62% decrease.
The recent wave of liquidations underscores yet again the challenge of predicting the volatility within the digital currency market. Bitcoin, Ethereum, and Solana dominate this trend, but Altcoins such as Dogecoin, GALA, and PEPE have also experienced substantial losses.
What Next For BTC and ETH Price
In the unpredictable world of cryptocurrencies, Bitcoin’s price has seen significant fluctuations. After reaching an all-time high of $71,946.46, Bitcoin’s value has retreated, currently hovering around $69,664. However, even with this pullback, Bitcoin has managed to gain a modest increase of 1.46% over the past day.
At present, Ethereum has shown remarkable strength, experiencing a noteworthy increase of approximately 18.41% to reach $3,726.04. The cryptocurrency is currently garnering significant attention due to the potential forthcoming approval of Ethereum-based Exchange Traded Funds (ETFs) in the United States. Intriguingly, analysts Eric Balchunas and James Seyffart from Bloomberg have raised their prediction for ETF approval odds from 25% to a robust 75%, suggesting a high likelihood of approval imminently.
According to reports, the SEC’s staff are reportedly leaning towards approving Ethereum ETF products. If this speculation proves true with an approval of a spot Ethereum ETF, the price of Ethereum and by extension Bitcoin could experience further growth this week.
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2024-05-21 22:12