The cryptocurrency derivatives market has faced significant liquidations as Bitcoin and other cryptocurrencies have gained momentum.
Bitcoin Approaches the $100,000 Milestone
Bitcoin recently experienced a dip below $94,000 earlier this week but has regained bullish momentum, climbing past $99,000 in the last few days.
Below is a chart illustrating the asset’s recent performance.
This is the highest Bitcoin has reached since February. If the demand continues, it may soon approach the $100,000 mark.
Bitcoin hasn’t been the only asset rising; many altcoins have outperformed its 2.5% increase over the last 24 hours.
Notably, Ethereum has surged more than 7% during this period.
The graph shows Ethereum breaking past the $1,950 threshold. This surge is particularly significant as Ethereum has lagged behind Bitcoin for some time, indicating a shift in trend.
The cryptocurrency market as a whole has experienced significant volatility in the last day, leading to pronounced changes in the derivatives market.
Recent Liquidations in Crypto Derivatives
According to CoinGlass, there has been a notable wave of liquidations on cryptocurrency derivatives exchanges. “Liquidation” refers to the forced closure of an open contract after it incurs specified losses.
The following table outlines the recent liquidation figures:
As shown above, the derivatives market has experienced $377 million in liquidations within 24 hours, with over $290 million of that affecting short contract holders.
This constitutes more than 77% of the total liquidations, largely due to the rise in asset prices across the board.
Interestingly, Bitcoin has seen more liquidations ($130 million) compared to Ethereum ($90 million), despite Ethereum’s larger price movement.
This may suggest that speculative interest in ETH has been lower compared to BTC in recent times.
