Liquidated $ 600 million, while Bitcoin explodes to $ 21,000

Liquidated $ 600 million, while Bitcoin explodes to $ 21,000

In one of the most impressive rally for about a year, Bitcoin shot down in two digits and reached a two -month high of over $ 21,000.

Most alternative coins followed this example, which led to liquidations of over $ 650 million within 24 hours, most of which came from short positions.

• One can certainly say that the beginning of the year was quite cheap for the cryptocurrency market. Bitcoin, for example, was around $ 16,500 on January 1. After a few quiet first days, it started to create value and broke out over $ 17,000 at the beginning of this week.
• However, this was only the beginning, since the asset in the following days always penetrated into forgotten terrain and finally reached $ 20,000 last night.
• he continued and jumped for the first time since the collapse of the FTX in early November to $ 21,240 (on Bitstamp).

BTCUSD. Tradingview

• Several old coins have shot even further in the last 24 hours. Solana stole the show with a massive rally of 40 % and drove it to a separate high of over 23 $.
• Polkadot (20 %), Shiba Inu (14 %), Ethereum (10.5 %), Cardano (11 %), Dogecoin (11 %), polygon (10 %) and OKB (10 %) are just a few examples of this.
• This has meant that the entire crypto market capitalization on coinmarketcap is approaching the $ 1 billion brand for the first time in months.
• According to Coinglass, Short dealers felt the pain of these impressive rally. The total value of the positions liquidated last day amounts to $ 650 million, but $ 590 million comes from shorts.
• More than 110,000 traders were destroyed in the same period, with the largest individual order on Huobi and had a value of over $ 6.5 million.