In the last 24 hours, liquidations from Bitcoin (BTC) and other crypto have soared as high as $238 million. At the time of this writing, CoinGlass data confirms that 80,028 traders were liquidated during this time, and the total liquidation total was $238.94 million. It is worth noting that the largest single liquidation order happened on Bitmex.
This massive single transaction was in ETHUSD and valued at $22.71 million. Interestingly, the liquidation coincides with an industry-wide price rebound following Donald Trump’s victory in the United States 2024 presidential elections.
Crypto Liquidation Figures in 24 Hours
Ethereum, the second-largest cryptocurrency by market cap, is leading the liquidation on all time frames. The one-hour chart shows that over $808,430 worth of ETH were liquidated on different exchanges. In 24 hours, $61.09 million in liquidation was recorded for Ethereum. While short positions accounted for $47.64 million, long positions had $13.45 million in liquidation.
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Ethereum is followed closely by Bitcoin, which has a market capitalization of $55.22 million. BTC has short position liquidations of $26.37 million and long positions worth $23.85 million.
Other altcoins, including Solana (SOL), Dogecoin (DOGE), XRP, and even PEPE, saw up to $23.76 million in liquidations in the last 24 hours. NEIRO, a self-acclaimed Dogecoin successor, also featured in the liquidation, recording up to $7 million.
A huge part of all these liquidations came from leading cryptocurrency exchange Binance.
Market Rally to Date, Bitcoin, And Ethereum Price Trends
In the face of renewed market momentum, Bitcoin’s price has reached a new all-time high (ATH).
The flagship cryptocurrency trades at $76,172.24, corresponding with a 1.42% increase in the last 24 hours. The BTC market cap has pushed further higher and is now at $1.51 trillion. Ethereum is closer to hitting $3,000 after its more than 16% surge in the past week.
CoinMarketCap data shows that the largest altcoin has a current market value of $2,935.77 after recording a 4.32% surge in the last 24 hours. Several market analysts anticipated Ethereum’s post-election performance, per Trump’s plan to integrate digital assets into the US financial system.
Despite the anticipation, the performance was better than expected, which shocked many market observers.
What to Watch Next, Key Price Expectation
In the early days of his campaign, the Republican politician made many promises to crypto market proponents. On his first day in office, he planned to oust Gary Gensler, the US Securities and Exchange Commission (SEC) Chairman.
Should Trump fulfill his promise and end the regulation by enforcement strategy of the SEC, it might spark another market boom.
Other catalysts for a key price surge include future adjustments to the US Federal Reserve’s interest rate cut. The Federal Reserve recently cut interest rates by 25 basis points (BPS) after an earlier easing the cycle with a 50 bps cut.
Noteworthy, the latest cut drove BTC to its new level. Tech luminary Arthur Hayes thinks China’s growing debt could also bring Bitcoin a rally in the future
