The cryptocurrency market has shifted back into bullish territory, driven by strong performances from Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Despite the broad rally, some traders are facing significant asset liquidations. According to data from CoinGlass, more than 64,100 traders have been liquidated in the past 24 hours, resulting in a total of $184.88 million in losses.
Bitcoin, Ethereum, and Solana Lead Liquidations
The trend of liquidations has been consistent throughout the week, with Bitcoin accounting for $48.62 million in liquidated assets in the last 24 hours alone. Short traders were hit the hardest, losing $41.9 million as they anticipated a further price drop for BTC. Long traders also faced $6.67 million in losses.
Ethereum followed a similar pattern, with a total liquidation of $30.22 million. Short traders accounted for $23 million of the losses, while long traders saw $7.21 million liquidated. Solana, which has been attracting significant attention, recorded $6.48 million in liquidations, mostly from short traders. Other altcoins like BOME, 1000PEPE, and REEF experienced even steeper losses during the same period.
Market Sentiment Boosted by Liquidation Data
Liquidation trends offer insights into market sentiment, often indicating strong movements in asset prices. Bitcoin has maintained a central role in the market’s bullish rally, driven by macroeconomic developments in the U.S. and China, as well as interest rate adjustments and the growing adoption of spot Bitcoin ETFs. At the time of writing, Bitcoin’s price stands at $65,681.
Ethereum and Solana have also seen price gains, rising by 2.98% and 1.14% respectively. Ethereum is currently priced at $2,616, while Solana sits at $155. With Bitcoin’s momentum continuing and a bullish market outlook, the broader digital currency ecosystem is expected to sustain this rally. There is growing optimism that the market could reach a staggering $50 trillion capitalization, as predicted by BlackRock (NYSE).
However, this continued bullish trend may lead to further rounds of liquidation as traders attempt to capitalize on market movements, adding more volatility to the evolving crypto landscape.
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