The much anticipated bull run led by Bitcoin (BTC) is making shorters bleed heavily. The biggest crypto breached the $89,000 price level with a surge of over 10% in the last 24 hours. However, $90,000 now looks like just a formality as the Fear and Greed index is flashing “Extreme Greed” on the chart.
The global crypto market cap spiked by 9.6% over the last day to hit the $3 trillion mark. Its 24-hour trading volume is up by 42% to stand at $314 billion. Bitcoin’s dominance is moving towards capturing the 59% level while major altcoins like Dogecoin (DOGE) and Ethereum (ETH) have gained by 142% and 38%, respectively, in the last 7 days.
Bitcoin bulls crush crypto shorts
As per the data shared by CoinGlass, more than 173k traders were liquidated in the last 24 hours. The volatile trading session has led to $700 million in liquidations. The largest single liquidation order of BTC/USDT valued at $15.70 million happened on Binance.
$431 million worth of liquidated bets (62%) turns out to be the short positions set by the traders. This suggests that traders were hoping that the bullish momentum might halt and the market would correct after the brief rally. Meanwhile, the market printed broad green indexes. These losses are the highest since BTC’s April surge past $73K.
Over $200 million in short liquidations were recorded for BTC futures, with $40 million in losses for bearish Ether positions.
Bitcoin price is up by 43% in the last 30 days. BTC is trading at an average price of $89,149, at press time. Its 24-hour trading volume is up by 80% to stand at $138.51 billion. Its market capitalization is now looking to hit the $1.8 trillion mark after a massive rally.
Dogecoin’s wild 150% rally
Dogecoin (DOGE) has surged by 48% in the last 24 hours, marking its fourth straight day of gains and reigniting speculation of a $1 price target. DOGE broke above 41 cents for the first time since May 2021, when it hit a record high of over 70 cents. It’s up 150% in the past week and nearly tripled in 30 days.
DOGE futures saw $68 million in liquidations with open interest nearing a record set in April. Elon Musk’s push for a Department of Government Efficiency (D.O.G.E) has fueled DOGE’s rally, sparking speculation of more mainstream media buzz and retail interest.
Traders are eyeing $1 as a major target for DOGE, a price level anticipated since its 2021 surge above 70 cents. Dogecoin is trading at an average price of $0.412, at press time.
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