u.today
The crypto ecosystem has returned to a bullish trend, fueled by Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). While the market is undergoing a unique rally across the board, some traders are facing asset liquidations. Per data from CoinGlass, the market has suffered a total liquidation of $184.88 million from more than 64,100 traders.
Bitcoin, Ethereum and Solana in spotlight
The liquidation trend has remained consistent since the start of the week.
Per the CoinGlass data, Bitcoin has recorded liquidations of $48.62 million in the past 24 hours. The short traders suffered the most, losing over $41.9 million in anticipation that BTC’s price would keep falling. The long traders suffered a $6.67 million liquidation within the same time frame.
Ethereum also recorded a similar trend, as its $30.22 million came mostly from short traders. These traders saw a liquidation amount worth $23 million, with long traders scoring $7.21 million in liquidation. Solana has also recorded visible liquidation. Some altcoins like BOME, 1000PEPE and REEF have had it worse than Solana over a 24-hour period.
With a total of $6.48 million in liquidation, Solana has also registered a negative trend for its short traders.
Liquidation is good sign
The liquidation data tells many stories about the market's trend, one of which can weigh on sentiment. Bitcoin has remained in the spotlight over the past few weeks amid macroeconomic concerns in the U.S. and China. Interest rate adjustments, spot Bitcoin ETF adoption and overall retail embrace have helped push the coin’s price to $65,681 at the time of writing.
Ethereum and Solana's prices have soared by 2.98% and 1.14% to $2,616 and $155, respectively. If the current sentiment around Bitcoin’s price is sustained, the digital currency ecosystem will likely maintain its bullish rally for much longer. Ultimately, the price may hit a $50 trillion market capitalization overall, as predicted by BlackRock.
This projection may trigger an even higher round of crypto liquidation.