Although it is impossible to say that crypto winter has ended, Bitcoin and Ethereum seem to be gaining significant momentum over the last 24 hours. Many investors have been forced to sell their short positions by the greenish price movements.
A good thing is the $150 billion increase in global crypto market capitalization, which has fallen sharply recently. This is now more than 1 Trillion.
Ethereum price gains as Bitcoin surges
CoinMarketCap’s data shows that the BTC is poised to surpass $24k at the moment, with Ethereum hovering at $1605, indicating a dramatic increase within 24 hours.
According to historical data, Bitcoin rose over the $20K mark by the time the market closed on July 16. Bitcoin opened July 16th at $21,195.04 but fell to $20779.34 on July 17th. However, the top crypto gained $22,176.05 by July 18. The price of the cryptocurrency has been increasing every day.
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The price of the second most popular crypto ETH, Ethereum, has also seen a positive change. The Ethereum ETH price increased by 9% in July 18. Since July 7, the crypto has been trying to hold its price over $1200.
It fell to $1.097.24 on the closing of the market, July 11, and continued to fall below $1.100 until July 13. From July 11, ETH began its climb above $1,100 and remained below $1,100 until July 13, when it reached $1,471.65, a 24 hour increase of 9.12%.
Short Positions Liquidated
A lot of short positions were liquidated because of the strong price movements on Bitcoin and Ethereum. Our sources claim that the liquidated shorts total $160million and the long positions total $90 million. This makes it total $250 million worth of liquidations.
According to Coinglass’s data, FTX has had the most liquidations. In the last hour alone, ETH’s price in the futures sector recorded over $4 million in liquidations.
The data also revealed that investors liquidating more ETH positions are occurring and they have been doing so for over 4 hours after the price change. Sources revealed that approximately 65K Ethereum had been sold, amounting in total to $94 Million.
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Concerning liquidation, we learned from our sources that there were more positions on short-term positions. These transactions are occurring on large crypto exchanges. OKX, a crypto-exchange platform, has seen the largest liquidation in the last 24 hours. Binance is close behind. Over $10 Million in short positions were liquidated by these platforms within the last 4 hours.
Featured Image from BBC. Chart by TradingView.com