Urgent: The secret behind Bitcoin's launch. Violent liquidations behind the 21K

 

In one of its most impressive highs in nearly a year, bitcoin jumped in double digits, hitting a two-month high above $21,000.

Most altcoins have followed suit; This resulted in liquidations of more than $650 million over 24 hours, mostly from shorts centers.

It is safe to say that the beginning of the year was quite favorable for the cryptocurrency market. The price of bitcoin, for example, was around $16,500 on January 1. After the first few quiet days ; It started adding value and surpassed $17,000 earlier this week.

However, this was just the beginning, as the asset continued to rise in the following days and finally reached $20,000 late last night.

It continued to climb and jumped to $21,240 (on the Bitstamp platform) for the first time since the collapse of FTX at the beginning of November.

Many cryptocurrencies have risen significantly in the past 24 hours. Solana stole the show with a massive 40% rise, pushing it to a multi-month high of more than $23.

Polkadot (20%), Shiba Inu (14%), Ethereum (10.5%), Cardano (11%), Dogecoin (11%), Polygon (10%), and OKB (10%) are just some examples of double-digit price gains.

Short traders felt the pain of this incredible rally, according to CoinGlass. The total value of deals liquidated in the past day is $650 million, but $590 million is from short deals.

More than 110,000 traders were smashed in the same timeframe, with Huobi's largest single order occurring, which was worth more than $6.5 million.

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This has brought the total market capitalization of cryptocurrencies close to $1 trillion for the first time in months on CoinMarketCap.

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Written by Bead: Crypto Horizon