After 846 days, Bitcoin broke the previous all-time high of $69,000 last night. Ethereum also surged to $3,827, but the peak was short-lived, leading to a large number of long positions being liquidated. In terms of the overall cryptocurrency market, a total of $1.18 billion worth of positions were liquidated within 24 hours.
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Bitcoin breaks new high
ETH surges to 3,827, then drops to above 3,200
Long positions suffer losses, nearly $1.2 billion liquidated in 24 hours
Top 10 cryptocurrencies performance
After 846 days, Bitcoin broke the previous all-time high of $69,000 last night. However, the peak was short-lived, and Bitcoin quickly dropped to $59,005 within five hours, leading to a large number of long positions being liquidated. At the time of writing, the price was around $63,000.
The trend of Ethereum was also similar. Although it is still nearly 30% away from the previous all-time high of $4,867 on November 10, 2021, it has shown a surge. However, last night, Ethereum also surged to $3,827 and then dropped to around $3,200, leaving a long lower wick. At the time of writing, the price was $3,550.
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According to CoinGlass data, the significant volatility resulted in the liquidation of over $323 million worth of Bitcoin positions, 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 showed a downward trend, but they still had an overall upward trend over the past seven days, especially meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), which 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.
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Is the meme season the beginning of FOMO? QCP Capital report: Asian retail speculators driving this rally
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BTC
DOGE
ETH
SHIB
Further reading:
On-chain data shows UK government holds over 60,000 bitcoins
Bitcoin price breaks $64k, Ethereum surpasses $3,500, and top 10 cryptocurrencies are in a frenzy