Thecryptocurrencymarketisseeingincreasedshortliquidationsasmajorassets,includingBitcoin,gainbullishmomentum.
AccordingtodataprovidedbyCoinglass,thetotalliquidationsoverthepast24hourssurpassed$192million.Ofthistally,morethan$145millioninshorttradingpositionshavebeenwipedoutandtheremaining$46millionbelongstolongtrades.
Cryptoliquidations–Oct.15|Source:Coinglass
Bitcoin(BTC)recorded$63millioninliquidations—$55millionshortsand$7.7millionlongs—asitsurpassedthe$66,000markonOct.14.BTCisstillup2.3%inthepast24hoursandistradingat$65,300atthetimeofwriting.
Ethereum(ETH)issittingonthesecondspotwith$37millionindailyliquidations—$30millioninshortsand$7millioninlongs.Thankstotheshortliquidations,theleadingaltcoincrossedthe$2,600markforthefirsttimeintwoweeks.
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PerCoinglass,thelargestsingleliquidationorderhappenedonBinance,thelargestcryptoexchangebytradingvolume,andwasworth$5.2millioninETH/USDTpair.
TheBinanceexchangeaccountsfor$94millionofthetotalliquidationswitha76%dominanceofshortpositions.
Despitetherallyingliquidations,thetotalopeninterestinthecryptomarketincreasedby4.7%,reaching$69.5billion,perCoinglassdata.ThismovementusuallyshowssignsofFOMOandgreed.
AccordingtodatafromCoinGecko,theglobalcryptomarketcapitalizationincreasedbyover$109billionoverthepastday—currentlysittingat$2.406trillion.Atthispoint,Bitcoinhasa54.2%dominanceoverthewholemarketwithatotalmarketcapofalmost$1.3trillion.
AnotherbullishdriverfortheBitcoinpricewastheimpressivesurgeintheU.S.-basedspotBTCexchange-tradedfunds.Peracrypto.newsreport,theseETFsrecorded$555.9millionininflowsonMonday—markingafour-monthhigh.
Readmore:CoinGecko:MajorassetclassesoutperformedBitcoininQ3
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