The cryptocurrency market is beginning to show signs of price recovery, leading to significant losses for investors who shorted assets.
Price Recovery in Cryptocurrencies
In the midst of record liquidations, cryptocurrencies like Bitcoin (BTC), XRP, Solana (SOL), and Dogecoin (DOGE) saw price increases of over 2%. DOGE's 6% gain over the last 24 hours marks it as the highest among the top 10 cryptocurrencies by market cap.
Investor Positions and Liquidations
According to CoinGlass, liquidations across the crypto market peaked at $270 million, with short positions at $127 million as of Thursday's close. Around $142 million was liquidated from long positions, which trickled down to $82 million after digital currency prices increased. Bitcoin was the most affected asset, having over $40 million in positions liquidated.
Optimism in Altcoin Market
On the altcoin side, Ethereum (ETH) is trading at approximately $1,775.71, marking a modest daily gain of 1.93%. Solana reached $153.77 with a 4.73% intraday increase, boosted by recent institutional investments. XRP continues to stay above the $2.1 mark amid the resolution of its lawsuit with the SEC.
The crypto market shows signs of recovery following a period of decline, though investors must remain cautious of the high risks associated with short selling. Altcoins also attract investor interest, contributing to further recovery.
