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Top cryptocurrencies bitcoin and ethereum showed recovery that turned into liquidation of short and long positions.
Long awaited recovery of cryptocurrency space seems to be here and soon to knock the door. After staying stagnant at their levels, top crypto assets – bitcoin (BTC) and ethereum (ETH) – started making moves upwards. This instance not only resulted in adding value to the global crypto market cap, but also ended up in short position liquidations.
Global cryptocurrency market capitalization has seen recovery during the past few days. This made it gain about $150 billion worth value to its capitalization due to which it has crossed the $1 trillion level. While on the other hand more than $307 million liquidated in short and long positions together.
According to the data, during the last 24 hours time frame, out of more than $307.37 million overall position liquidations, short positions liquidation have dominated over long. With 64.08% of overall liquidation, about $196.95 million worth value liquidated in short positions. While the rest $110.42 million worth got liquidated in long positions.
Top crypto exchanges who witnessed most of these liquidations included OKX, FTX, Binance, Bybit, Huobi, etc. These exchanges have seen significant liquidation in short positions, where OKX had seen $76.62 million and FTX had $46.30 million going into liquidation.
Top cryptocurrencies bitcoin (BTC) and ethereum (ETH) had collectively seen $284.55 million overall position liquidation. Out of $72.05 million overall liquidation in bitcoin (BTC), 74.05% of it, that is $53.35 million accounted for short position while the rest $18.70 million went into long position liquidation. On the other hand, Ethereum (ETH) had seen liquidation of $212.50 million, with $125.11 million in short position and $87.39 in long position.
Trading price of both the biggest crypto assets in the crypto industry has recorded gains. Bitcoin is currently trading at $22,259 with a weekly rise of 8.77% while Ethereum is at $1,462 with a 27.81% rise in the last seven days, at the time of writing.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
