The data show that the market for cryptocurrency derivatives has undergone a large amount of liquidation because bitcoin and other assets have rallied.
Bitcoin is about to revisit the $ 100,000 mark
After a decline of less than $ 94,000 earlier in the week, Bitcoin saw a rejuvenation of the bullish momentum in the last two days, because its price has returned to levels beyond $ 99,000.
You will find below a graphic that shows what the recent trajectory of the asset looked like.
The price of the coin appears to have shot up over the past two days | Source: BTCUSDT on TradingView
This rally has marked the first time since February that Bitcoin has returned to these levels. If the demand continues, the cryptocurrency may soon defy the $ 100,000 mark.
The number one digital asset was not alone in this gathering in the sector. In fact, many of the altcoins have produced better yields than the bond of 2.5% of the BTC in the last 24 hours.
An asset that stands out particularly is Ethereum, which managed to reach more than 7% inside this window.
The trend in the ETH price during the last five days | Source: ETHUSDT on TradingView
As it is visible in the graph, Ethereum exceeded $ 1,950 with this wave. The medal is generally worse than Bitcoin for some time now, so this escape reflects a gap compared to the model.
Overall, the cryptocurrency sector experienced notable volatility during the last day. Thus, it is not surprising that the derivative side of the market experienced a reshuffle.
Cryptographic derivatives have seen great liquidations in the last 24 hours
According to data from RinsingA quantity of mass of cryptocurrency liquidations occurred on the exchanges of derivatives. The “liquidation” here naturally refers to the energetic closure that any open contract undergoes after having collected losses of a certain degree, as specified by the platform.
Here is a table decomposing the figures linked to the latest market liquidations:
Looks like the shorts have been disproportionately affected by by the volatility | Source: CoinGlass
As indicated above, the derivative sector experienced a total of $ 377 million in liquidations in the last 24 hours. Among these, more than $ 290 million in liquidations affected the only holders of short-term contracts.
As a percentage, this represents more than 77% of the total. The liquidation rinse being as heavy is limited to the fact that assets through the market increased during this period.
Bitcoin has experienced more liquidations ($ 130 million) in an interesting way than Ethereum ($ 90 million), despite the fact that the latter saw a higher price move inside this window.
The breakdown of the latest liquidations by symbol | Source: CoinGlass
This could perhaps be an indication that the speculative interest around the ETH simply was not so high recently, at least compared to the BTC.
Dall-E star image, Coininglass.com, tradingView.com graphic
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