The global cryptocurrency market experienced a surge in Short liquidations as major crypto assets like Bitcoin and altcoins continued to hit new heights in the Uptober season.
Bitcoin the primary crypto asset is currently exchanging hands for $67,320 at the moment in an impressive surge since the beginning of this month fulfilling the Uptober predictions by most analysts.
This price rally by top crypto assets has led to a wave of liquidations of Short positions in the crypto market.
Coinglass data revealed that total liquidations over the past 24 hours surpassed $192 million. $145 million of the total liquidation tally was from short trading positions while the remaining $46 million belongs to long trades.
Liquidations Data
On the liquidations in the crypto market, Coinglass revealed that Bitcoin leads the way in the volume of liquidations. Bitcoin witnessed $63 million in total liquidations. $55 million were short positions while $7.7 million were longs as the crypto asset surged past the $66,000 mark on Oct. 14.
BTC is up 2.2% in the past 24 hours and is trading at $67,312 at the time of writing.
Aside from Bitcoin, Ethereum came in second position with $37 million in daily liquidations $30 million in shorts, and $7 million in longs.
The liquidations were good news for ethereum as the biggest altcoin crossed the $2,600 mark for the first time in two weeks.
The third position went to Solana with a total liquidation of $6.61 million. BOME came next with $5.86 million, and Neiro $5.42 million in total liquidations. The remaining crypto assets had a total liquidation of $13.59 million.
The largest single liquidation order happened on Binance, the largest crypto exchange by trading volume and userbase, and was worth $5.2 million in ETH/USDT pair per Coinglass data.
The Binance exchange accounts for $94 million of the total liquidations with a 76% dominance of short positions.
Despite the total liquidations, the total open interest in the crypto market increased by 4.7%, reaching $69.5 billion.
CoinGecko data revealed that at the moment the global market capitalization of all crypto assets increased by a whopping $109 billion in the last 24 hours. The total market cap is currently sitting at $2.406 trillion.
Bitcoin remains the dominant crypto asset with a market capitalization of $1.3 trillion.