In the last 24 hours, liquidations from Bitcoin (BTC) and other crypto have soared as high as $238 million. At the time of this writing, CoinGlass data confirms that 80,028 traders were liquidated during this time, and the total liquidation total was $238.94 million.
Bitcoin, the world's leading cryptocurrency, has reached a new milestone as liquidations from Bitcoin and other cryptocurrencies have soared to a staggering $238 million in the last 24 hours. CoinGlass data confirms that over 80,000 traders were liquidated during this time, with the total liquidation amounting to $238.94 million. This surge in liquidations coincides with a market-wide price rebound following Donald Trump's victory in the United States 2024 presidential elections. In this article, we will explore the details of the recent crypto liquidation figures, the market rally to date, and key price expectations for Bitcoin.
Crypto Liquidation Figures in 24 Hours
Ethereum, the second-largest cryptocurrency by market cap, is leading the liquidation on all time frames. On the one-hour chart, over $808,430 worth of ETH were liquidated on different exchanges. Within the span of 24 hours, $61.09 million in liquidation was recorded for Ethereum. Short positions accounted for $47.64 million, while long positions had $13.45 million in liquidation. Bitcoin follows closely behind Ethereum, with a market capitalization of $55.22 million. BTC experienced short position liquidations of $26.37 million and long positions worth $23.85 million. Other altcoins, including Solana (SOL), Dogecoin (DOGE), XRP, and even PEPE, saw up to $23.76 million in liquidations in the last 24 hours. NEIRO, a self-acclaimed Dogecoin successor, also featured in the liquidation, recording up to $7 million. It is worth noting that a significant portion of these liquidations came from the leading cryptocurrency exchange, Binance.
Market Rally to Date, Bitcoin, And Ethereum Price Trends
In the face of renewed market momentum, Bitcoin's price has reached a new all-time high (ATH). The flagship cryptocurrency is currently trading at $76,172.24, representing a 1.42% increase in the last 24 hours. Furthermore, the BTC market cap has pushed further higher and now stands at $1.51 trillion. Ethereum is also on the verge of hitting the $3,000 mark after experiencing a more than 16% surge in the past week. According to CoinMarketCap data, the largest altcoin currently has a market value of $2,935.77 after recording a 4.32% surge in the last 24 hours. Many market analysts anticipated Ethereum's post-election performance due to Trump's plan to integrate digital assets into the US financial system. However, the actual performance exceeded expectations, surprising many market observers.
What to Watch Next, Key Price Expectations
During his campaign, Trump made several promises to crypto market proponents, including plans to oust Gary Gensler, the US Securities and Exchange Commission (SEC) Chairman, on his first day in office. If Trump fulfills this promise and ends the regulation by enforcement strategy of the SEC, it could potentially spark another market boom. Additionally, future adjustments to the US Federal Reserve's interest rate cut could serve as catalysts for a key price surge. The Federal Reserve recently cut interest rates by 25 basis points (BPS) after an earlier easing cycle with a 50 bps cut. These factors, combined with the growing adoption of cryptocurrencies and blockchain technology, present an exciting and uncertain future for Bitcoin and the wider crypto market.
In conclusion, Bitcoin has experienced a significant surge in liquidations in the last 24 hours, reaching a total of $238 million. This spike in liquidations coincides with a market-wide price rebound following Donald Trump's victory in the United States 2024 presidential elections. Ethereum leads the liquidation figures, followed closely by Bitcoin. The overall market rally has propelled Bitcoin to a new all-time high, while Ethereum is nearing the $3,000 mark. Moving forward, key price expectations for Bitcoin are influenced by Trump's plans for crypto regulation and potential adjustments to the US Federal Reserve's interest rate cut. As the cryptocurrency market continues to evolve and gain mainstream acceptance, it is crucial for investors and traders to stay informed and adapt to these dynamic market conditions.