In the past 24 hours, the cryptocurrency market has experienced a substantial revival, with Bitcoin reaching new heights.
Overview of Cryptocurrency Growth
Bitcoin (BTC) surged to approximately $117,000. Ethereum (ETH) increased by 5% daily, approaching $4,000. Ripple (XRP) jumped by 12% to $3.36, while Stellar (XLM) hit a two-week high of $0.46.
Factors Driving the Growth
The market upturn was driven by several bullish factors. Among them is Donald Trump's executive order, which aims to allow 401(k) investors access to alternative assets like cryptocurrencies, as well as the official resolution in the Ripple v. SEC case.
Impact on Traders
The anticipated resurgence resulted in liquidations for over-leveraged traders. In the last 24 hours, the total liquidation volume exceeded $400 million, with short positions comprising about 80%. Ethereum liquidations accounted for $187 million, followed by Bitcoin at $57 million, and XRP at $28 million.
Thus, the recent developments in the cryptocurrency market highlight its volatility and the need for a cautious trading approach, especially in conditions of sharp price increases.
