The latest surge in the crypto market left as many short positions liquidated as back in October 2020.
Bitcoin is ripping. After weeks of prolonged consolidation and rangebound trading where the price seemed stuck around $19K, the cryptocurrency added over $1.5k in the past 24 hours alone.
At the time of this writing, BTC is found at $20,600, up 6.8% on the day. The rest of the market is also soaring, pushing the total capitalization toward $1 trillion.
Source: Binance via TradingView
The events of late have also left around $1 billion worth of short positions being liquidated.
Data from the popular cryptocurrency analytics resource, CryptoQuant, reveals that this is the highest number of short positions being liquidated since October 2020.
Source: CryptoQuant
At the time of this writing, the total liquidations stand around $1.12 billion, where almost $1 billion of this comes from short positions.
It also appears that this recent move has significantly improved the broader market sentiment, which is now in a state of fear, whereas yesterday it was in a state of extreme fear.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
