The recent surge of Bitcoin to $113,357, combined with liquidations in derivatives, creates a wave of active trading on the cryptocurrency market.
Bitcoin's Rise Amid Liquidations
Bitcoin, the world's leading cryptocurrency, has reached $113,357, marking a 3.58% increase over the past 24 hours. This sharp rise has triggered a wave of liquidations across the derivatives market. Current data shows Bitcoin-related liquidations have reached $301.66 million, with short positions bearing the brunt, totaling nearly $291.7 million in losses.
Ethereum Joins the Rally
Ethereum is also part of this rally, climbing to $2,829, up over 6% in a single day. Nonetheless, Bitcoin remains firmly in the spotlight with a staggering $64 billion in 24-hour trading volume and a total market capitalization of over $2.25 trillion.
Market Anticipates Further Volatility
The massive short squeeze suggests many traders were caught off guard, betting against Bitcoin’s momentum. This latest move reinforces bullish sentiment in the market, although volatility remains high, and further liquidations could follow if the trend continues.
In summary, the current dynamics in the cryptocurrency market show significant fluctuations, with both Bitcoin and Ethereum showing notable growth. Investors should be cautious of ongoing developments.
