Per the CoinGlass data, Bitcoin has recorded liquidations of $48.62 million in the past 24 hours. The short traders suffered the most, losing over $41.9 million in anticipation that BTC’s price would keep falling. The long traders suffered a $6.67 million liquidation within the same time frame.
Ethereum also recorded a similar trend, as its $30.22 million came mostly from short traders. These traders saw a liquidation amount worth $23 million, with long traders scoring $7.21 million in liquidation. Solana has also recorded visible liquidation. Some altcoins like BOME, 1000PEPE and REEF have had it worse than Solana over a 24-hour period.
With a total of $6.48 million in liquidation, Solana has also registered a negative trend for its short traders.
Ethereum and Solana’s prices have soared by 2.98% and 1.14% to $2,616 and $155, respectively. If the current sentiment around Bitcoin’s price is sustained, the digital currency ecosystem will likely maintain its bullish rally for much longer. Ultimately, the price may hit a $50 trillion market capitalization overall, as predicted by BlackRock (NYSE:BLK).
This projection may trigger an even higher round of crypto liquidation.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
