In the past few weeks, the overall cryptocurrency market has experienced a significant surge. The world’s top four cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Solana (SOL), have all reached their 52-week highs during this recent bull run, except for XRP.
Liquidation surges as market volatility peaks
Recent data from Coinglass has caught everyone’s attention, revealing that in the last 24 hours, 85,096 traders liquidated their positions, resulting in a total of $176.13 million in liquidations. The largest single liquidation order occurred on Bitmex for the XBTUSD pair with a value of $3.86 million.
Most of the liquidations in the last 24 hours have occurred in long positions, indicating that traders are seeking to secure their profits. A total of $126.72 worth of positions were liquidated on the long side, while only $49.28 worth of positions were liquidated on the short side.
BTC, ETH, SOL, XRP: A breakdown of massive liquidations
The maximum liquidation has taken place in BTC, where traders liquidated $30.08 million, in ETH, where traders liquidated $25.74 million, in SOL, where a total of $12.02 million in positions were liquidated, and finally, in XRP, where traders liquidated $7.18 million.
Currently, the overall market appears dull, with no significant momentum on either side of the trend. However, the 24-hour global crypto market cap is down by 1.20%, and the cumulative market cap stands at over $1.4 trillion.
Polygon (Matic) Soars: Potential Correction Ahead?
Coinglass data depicts that in the last 28 days, Polygon (Matic) has shown significant growth of over 80%. By examining the Matic chart, it has been observed that four green candles are on the weekly time frame. Recent data suggests that it might be time for traders to experience a small price correction.
The reason behind these massive price surges and liquidations is the revival of the FTX exchange, the potential approval of BlackRock’s spot Bitcoin ETF, and the recent filing of a spot Ether ETF. All positive news surrounding cryptocurrency has attracted significant attention from new users and created positive momentum.
Since the beginning of 2023, a majority of financial institutions, asset managers, banking giants, the gaming industry, and even the government have shown interest in cryptocurrency. Countries worldwide are seeking Crypto Hubs as they focus more on regulation to safeguard their investors and attract business from other countries.