It is difficult to predict when the crypto winter will end. However, Bitcoin and ETH have shown significant momentum over the past 24 hours. Many investors have been forced to sell their short positions by the greenish price movement.
Another positive news is that global crypto market cap has increased by $150 Billion, despite it having fallen recently. It now stands at more than 1 Trillion.
Ethereum price gains as Bitcoin surges
According to CoinMarketCap data, the BTC price is close to hitting $24k, while Ethereum is at $1,605, indicating a significant increase in 24 hours.
According to historical data, Bitcoin reached above the $20K mark on the closing of the market on July 16th. It opened July at $21,195.04 but fell to $20779.34 at the closing of the market on July 17. The number one crypto saw a rise to $22,176.05 on July 18 and has maintained the price increase throughout the day.
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The second largest cryptocurrency ETH also saw a positive price movement. The Ethereum ETH price increased by 9% on July 18. Since July 7, the crypto had been trying to hold its price above $1200.
It fell to $1.097.24 at market close on July 11, and continued below $1.100 until July 13. From that day on, ETH moved above $1,100 and remained below $1,100 until July 13. ETH reached $1,471.65 on July 18. This represents a 9.12% increase in 24 hours.
Short Positions Liquidated
The positive price movement of Bitcoin and Ethereum has led to many short positions being liquidated. Our sources claim that the liquidated shorts total $160 million and the long positions total $90 million. This makes it total $250 million in liquidations.
Based on the available data, CoinglassFTX had the largest liquidation to date. In the last hour alone, ETH’s price in the futures sector recorded over $4 million in liquidations.
Data also revealed that investors are liquidating more ETH positions, and they have been doing this for more than four hours since the price moved. Our sources indicated that 65K ETH were sold and the total amount was $94 million.
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Our sources revealed that the liquidation of positions was more concentrated on short positions than on long positions. This is happening on large crypto exchanges. OKX crypto exchange platform has the highest volume of liquidation in 24 hours, only being surpassed by Binance. These platforms have liquidated more than $10 million in short positions within the last four hours.
Featured image by BBC, chart from TradingView.com