Nearly $500 million in shorts, or bets against higher prices, were liquidated since Friday to mark the highest such levels in nearly 3 months, data from Coinanlyzetool shows. By shauryamalwa.
Crypto markets surged to regain the $1 trillion market capitalization mark over the weekend amid signs of bottoming and a record number of short liquidations contributing to the uptick.
Nearly $500 million in shorts, or bets against higher prices, were liquidated since Friday to mark the highest such levels since October 2022, data from Coinalyze shows.The liquidation figure mean over 70% of traders booked losses as exchanges closed leveraged positions due to a partial or total evaporation of the trader’s initial margin.
Aptos’ native APT tokens saw over $10 million in liquidations in an unusual move as prices doubled over the past week. Major cryptocurrencies are up an average of 20% since last week, CoinGecko data shows. Bitcoin surged 22% to over $21,000 on strong CPI data, ether jumped to as much as nearly $1,600, while solana jumped almost 70%, trading at $24 on Monday from just $9 in the last week of December.
The run wasn’t wholly irrational, as the underlying networks of several major tokens saw favorable fundamentals.
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