The global cryptocurrency market is experiencing increased short liquidations as major crypto assets like Bitcoin and some Altcoins continue to pump in the uptober frenzy.
Bitcoin,the flagship crypto asset is currently exchanging hands for $65,713 at the moment in a serious surge in price since the beginning of October.
This price rally by major crypto assets has led to a wave of liquidations for Short positions in the market.
According to Coinglass data, the total liquidations over the past 24 hours surpassed $192 million. Of this liquidation tally, more than $145 million in short trading positions have been wiped out and the remaining $46 million belongs to long trades.
Liquidations Data
Coinglass data revealed that Bitcoin leads the way in the volume of liquidations in the market. Bitcoin witnessed $63 million in liquidations $55 million shorts and $7.7 million longs as it surged past the $66,000 mark on Oct. 14. BTC is still up 2.0% in the past 24 hours and is trading at $65,713 at the time of writing.
Aside from Bitcoin, most altcoins are also witnessing large volumes of short liquidations following their respective price surges.
Ethereum is sitting in the second position with $37 million in daily liquidations $30 million in shorts and $7 million in longs. The liquidations were a bullish factor for ethereum as the leading altcoin crossed the $2,600 mark for the first time in two weeks.
Solana came in third with a total liquidation of $6.61 million, BOME $5.86 million,n and Neiro $5.42 million in total liquidations
The rest of the crypto assets had a total liquidation of $13.59 million.
Coinglass revealed that the largest single liquidation order happened on Binance, the largest crypto exchange by trading volume and userbase, and was worth $5.2 million in ETH/USDT pair.
The exchange accounts for $94 million of the total liquidations with a 76% dominance of short positions.
Despite the total liquidations, the total open interest in the crypto market increased by 4.7%, reaching $69.5 billion, according to coinglass data. This movement usually shows signs of FOMO and greed.
What to Know
CoinGecko data revealed that the global market capitalization increased by a whopping $109 billion in the last 24 hours. The total market capitalization of all crypto assets is currently sitting at $2.406 trillion.
Bitcoin maintains its dominance over the whole market with a market capitalization of $1.3 trillion
Another significant cause of the Bitcoin price rally is the impressive surge in the U.S.-based spot BTC exchange-traded funds. Bitcoin ETFs recorded $555.9 million in inflows on Monday marking its highest level of inflow in four months.
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