After 846 days, Bitcoin broke through its previous all-time high of $69,000 last night. Ethereum also surged to $3,827, but the peak was short-lived, resulting in a large number of long positions being liquidated. In terms of the overall cryptocurrency market, a total of $1.18 billion in positions were liquidated within 24 hours.
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Bitcoin breaks new high
ETH surges to 3,827 and then drops above 3,200
Long positions suffer heavy losses, nearly $1.2 billion liquidated within 24 hours
Top 10 cryptocurrencies performance
After 846 days, Bitcoin broke through its previous all-time high of $69,000 last night. However, the peak was short-lived as Bitcoin rapidly fell to $59,005 within five hours, leading to a large number of long positions being liquidated. As of the time of writing, the price was around $63,000.
Bitcoin’s movement was very similar to that of Ethereum. Although it is still nearly 30% away from its previous all-time high of $4,867 on November 10, 2021, Ethereum also surged to $3,827 last night, then dropped to around $3,200, leaving a long lower wick. As of the time of writing, the price was $3,550.
According to CoinGlass data, the significant volatility resulted in over $323 million worth of Bitcoin positions being liquidated, with the majority ($243 million) being long positions. Ethereum also had $205 million worth of positions liquidated.
In terms of the overall cryptocurrency market, a total of $1.18 billion worth of positions were liquidated within 24 hours, with long positions accounting for $890 million and short positions accounting for $287 million.
Yesterday, the top 10 cryptocurrencies all experienced a downward trend, but they still showed an overall upward trend over the past seven days. In particular, meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) had astonishing gains of 54.2% and 213.3% respectively.
The market sentiment index has reached above 90, indicating high price volatility. Please pay attention to your own risk management.
(Has the meme season begun? QCP Capital report: Asian retail speculators driving this round of rally)
BTC
DOGE
ETH
SHIB
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