The crypto market is spectacularly performing as Bitcoin (BTC) and Ethereum (ETH) prices soar. In the past 24 hours, Bitcoin has climbed 3.7% to surge past the $64,000 level, while Ethereum saw a 2.6% increase, pushing its price over $3,500. This contributed to the total global cryptocurrency market cap surpassing the $2.5 trillion mark.
Despite the bullish trend, the past twenty-four hours have not been without its casualties. Data from Coinglass shows a huge $289 million in liquidations, with long orders accounting for $184 million. The volatile market conditions led to the liquidation of 124,000 traders. The largest single liquidation occurred on the OKX exchange, involving a Bitcoin trade valued at $2.10 million.
The data also shows that Bitcoin topped the charts with $3.19 million in liquidations, followed by a variety of other assets, including ETH, DOGE, and other altcoins, indicating widespread market impacts. Over the course of 24 hours, the total liquidations amounted to $329.23 million, affecting 131,053 traders.
Exchange Trends and Analyst Insights
As Bitcoin withdrawals from exchanges accelerate, reaching the fastest pace in recent years, the market is at a turning point. Some analysts warn that the current market, marked by high funding rates, suggests a heavy reliance on leverage, possibly laying the ground for a liquidation-driven correction. However, others, particularly options analysts, believe that the rally has solid footing and have dismissed these concerns.
This is not the first time Bitcoin is pushing past the $64k level. It did the same on February 28th, but then not long after, there was a temporary setback that saw its price dip to $58,700 following a sell-off. Yet, it managed to recoup nearly 5% of its losses.
Ethereum also appears promising, with analysts suggesting that if the momentum continues, it could break past the $3,700 level, potentially reaching up to $4,500—a 29% increase from current levels. The sentiment is supported by strong market indicators, such as the Awesome Oscillator, which shows a predominance of bullish momentum despite the overbought conditions.