As a seasoned researcher with years of experience in the tumultuous world of cryptocurrencies, I find myself both awestruck and apprehensive as I witness Bitcoin‘s relentless march towards new heights. The speed at which this digital asset has reclaimed its dominance is nothing short of breathtaking, yet the volatility it brings with it is a constant reminder of the rollercoaster ride that we are all on.
In about eleven days, Bitcoin regained its market position with an incredible surge, reaching a record-breaking peak of more than $106,000 for the first time.
Over the last 12 hours or so, it experienced a series of fluctuations – going up, then down, and back up again. This rollercoaster ride resulted in more than $300 million worth of liquidations, with one significant order being the biggest among them.
Information from CoinGlass indicates that a surge in the main cryptocurrency over the last 24 hours has resulted in approximately 100,000 traders experiencing losses. Notably, the largest single liquidation occurred on Binance and was associated with the BTC/USDT trading market.
The overall amount that was forfeited came to an astounding $19.86 million during the turbulent period. It is unclear if this massive loss can be attributed to a short position, as it seems, because Bitcoin quickly dropped by approximately $2000 right after reaching its peak. This unexpected decline raises some questions about whether the trader had anticipated additional price increases.
It’s worth noting that about 51% of the liquidations on Binance were due to short positions. However, these occurrences serve as a reminder for traders to exercise caution when entering into highly leveraged trades during this unpredictable market period.
Beyond Bitcoin, which has further solidified its control in the market, several major altcoins have also seen growth over the last day. Notable among these are Ethereum, Solana, Dogecoin, Cardano, Avalanche, and TON, each experiencing approximately a 2-3% increase.
SUI have jumped the most from the larger caps, having gained 9% and trading close to $4.8.
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2024-12-16 09:58