Bitcoin Surges to $44,000, Triggering Liquidations
After days of trading around $42,000, Bitcoin (BTC) has made a move and surged to nearly $44,000. This sudden spike has resulted in over $110 million worth of liquidations in the past 24 hours. Short positions accounted for $76 million of this total, according to CoinGlass.
Out of the liquidated amount, Bitcoin contributed $40 million, while Ethereum experienced liquidations totaling almost $25 million as its price surpassed $2,300.
Altcoins Soaring: Solana and Cardano See Gains
In addition to Bitcoin’s surge, other altcoins are also experiencing positive momentum. Solana (SOL) and Cardano (ADA) have seen their prices rise by 6% and 8% respectively, according to CoinGecko’s data.
Total Market Cap Reaches Nearly $1.75 Trillion
The total market capitalization of cryptocurrencies has surged to almost $1.75 trillion. Despite this growth in the overall market, Bitcoin’s dominance over alternative coins remains steady at around 52.5%.
Hot Take: Bitcoin Makes a Strong Move, Triggering Liquidations
The cryptocurrency market saw a significant shift as Bitcoin surged to nearly $44,000 after days of trading around $42,000. This sudden move resulted in over $110 million worth of liquidations in the past 24 hours. Short positions accounted for a large portion of these liquidations. In addition to Bitcoin’s rise, altcoins like Solana and Cardano also experienced gains. The total market capitalization of cryptocurrencies reached almost $1.75 trillion, with Bitcoin maintaining its dominance over alternative coins. This recent surge in Bitcoin’s price highlights the volatility and potential for large-scale liquidations in the crypto market.
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