Although most weekends are relatively calm in the volatile cryptocurrency industry, this weekend saw a more impressive price rise for BTC and several assets.
This resulted in the primary digital asset hitting a new 19-month high and millions of dollars being liquidated, mostly for short positions.
- As CryptoPotato reported earlier today, BTC had risen to a multi-month high of $39,000 on Friday evening for the first time in over a year and a half.
- The asset failed to continue its momentum and fell by several hundred dollars. However, there was a feeling in the community that another step upwards was planned.
- This price surge actually took place on Saturday evening, when Bitcoin shot up by more than a thousand in minutes, putting it within inches of the $40,000 mark for the first time since May 2022.
- However, the asset has so far failed to break through this level and has fallen around $700.
BTCUSD. Source: TradingView
- Several altcoins also rose significantly but, like BTC, recorded a decline. However, Chainlink is still up over 7% on the day and is trading above $16. Other impressive gainers include RUNE (11%) and NEAR (6%).
- The second largest cryptocurrency – Ethereum (ETH) – has gained 3% in value and has risen well above $2,100.
- This increased volatility has hurt overly leveraged traders as the total number of daily liquidations has risen to over $100 million.
- As expected, the majority of failed traders had shorted the market. The largest single order was worth $2 million and was executed on OKX.
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