Bitcoin (BTC)’s rise above $27,000 proved to be short-lived as the token plunged around 2% to $26,700 in minutes during the early afternoon hours in the US.
The largest and oldest cryptocurrency rose to as much as $27,420 on Monday, its highest price since the end of August.
BTC was still up 0.8% in the last 24 hours, underperforming the 1.1% rise in the broad market proxy CoinDesk Market Index (CMI).
Notable outperformers today include Solana’s SOL, Litecoin’s LTC and Bitcoin Cash (BCH), which rose 3% to 4% even after paring some of their early gains. Chainlink’s native token LINK rose nearly 8% today on new partnerships with traditional financial institutions.
According to Coinglass data, the price surge surprised some crypto derivatives traders, unwinding around $100 million worth of leveraged trading positions in the last 24 hours. Short traders who tried to profit from lower prices suffered losses of $60 million, while long traders who bet on higher prices suffered losses of $40 million.
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