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The cryptocurrency ecosystem has returned to a bullish trend, fueled by Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). While the overall market is experiencing a unique rally, some traders are facing liquidation of their assets. According to CoinGlass data, the market received a total of $184.88 million in liquidations from over 64,100 traders.
Bitcoin, Ethereum, and Solana are attracting attention
The liquidation trend has been consistent since the beginning of the week.
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According to data from CoinGlass, Bitcoin recorded $48.62 million in liquidations in the past 24 hours. The worst-hit traders were short sellers, who lost more than $41.9 million in hopes that BTC prices would continue to fall. Long traders experienced liquidations of $6.67 million within the same period.
Ethereum recorded a similar trend, with $30.22 million of it coming mostly from short traders. These traders posted $23 million worth of liquidations, while long traders earned $7.21 million in liquidations. Solana also documents visible liquidations. Some altcoins like BOME, 1000PEPE, and REEF did worse than Solana in 24 hours.
Solana, which liquidated a total of $6.48 million, also shows a negative trend for short traders.
Liquidation is a good sign
Liquidation data tells many stories about market trends, one of which can weigh on sentiment. Bitcoin has remained in the spotlight in recent weeks amid macroeconomic concerns in the United States and China. Interest rate adjustments, spot Bitcoin ETF adoption, and overall retail acceptance have helped push the coin’s price to $65,681 as of this writing.
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Ethereum and Solana prices rose 2.98% and 1.14% to $2,616 and $155, respectively. If the current momentum surrounding Bitcoin prices holds, the digital currency ecosystem is likely to maintain its bullish rally for a further extended period of time. The overall market capitalization could eventually reach $50 trillion, as predicted by BlackRock.
This prediction could trigger further rounds of cryptocurrency liquidations.
