Bitcoin's price surge past the $100,000 mark ignited an altcoin rally, leading to significant liquidations in the crypto market. Short-position traders absorbed a majority of the losses, while Ethereum and XRP also experienced substantial liquidations.
Bitcoin's recent surge past the $100,000 resistance level sparked a rally across the altcoin market, driving prices upward. This bullish sentiment resulted in a significant wave of liquidations, with a total of $70.57 million lost. Short-position traders accounted for over half of these losses, totaling $40.37 million liquidated in the past 24 hours, compared to $30.20 million for long traders.
Ethereum (ETH) and XRP also experienced substantial liquidations, with figures reaching $69 million and $42.50 million, respectively. Both assets mirrored Bitcoin's trend, witnessing more short-position liquidations than long positions. ETH saw $35.21 million in short liquidations versus $33.79 million in long liquidations, while XRP had $27 million in short liquidations against $15.50 million in long liquidations.Analysts attribute this large-scale liquidation to Bitcoin's price movement over the past week. Many traders anticipated BTC to fluctuate between $92,000 and $95,000, but its unexpected surge beyond $100,000 caught them off guard. Similar price stagnation predictions had been made for ETH and XRP in the preceding week, but the market rebound occurred sooner than anticipated. Market observers are closely monitoring trends to assess the duration of this bullish sentiment and its potential to signal the next cycle of rallies. This comes as the U.S. prepares for a new administration on January 20th
CRYPTOCURRENCY BITCOIN LIQUIDATIONS ALTCOINS ETHEREUM XRP
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