The long-awaited bull run led by Bitcoin (BTC) is causing short positions to bleed heavily. The largest cryptocurrency has broken through the $89,000 price level, rising more than 10% in the past 24 hours. However, $90,000 now looks like a mere formality as the Fear and Greed Index flashes on the “Extreme Greed” chart.
The capitalization of the global cryptocurrency market has grown by 9.6% over the past day and reached $3 trillion. Its 24-hour trading volume rose 42% to $314 billion. Bitcoin’s dominance is approaching 59%, while major altcoins such as Dogecoin (DOGE) and Ethereum (ETH) are up 142% and 38% respectively over the past 7 days.
Bitcoin Bulls Crush Crypto Shorts
According to CoinGlass, more than 173 thousand traders were liquidated in the last 24 hours. The volatile trading session led to $700 million worth of company liquidations. The largest BTC/USDT liquidation order worth $15.70 million occurred on Binance.
$431 million worth of liquidated bets (62%) were short positions established by traders. This suggests that traders were hoping that the bullish momentum might stop and the market would correct after a brief rally. Meanwhile, the market released broad green indices. These losses are the highest since BTC surged past $73,000 in April.
BTC futures saw over $200 million in short liquidations, including $40 million in losses on bearish ETH positions.
The price of Bitcoin has increased by 43% in the last 30 days. At the time of publication, BTC is trading at an average price of $89,149. Its 24-hour trading volume has increased by 80% to $138.51 billion. Its market capitalization can now reach $1.8 trillion after massive growth.
Wild growth of Dogecoin by 150%
Dogecoin (DOGE) is up 48% in the past 24 hours, marking its fourth straight day of gains and reigniting speculation about a $1 price target. DOGE topped 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 last week and nearly tripled in 30 days.
DOGE futures liquidated $68 million, with open interest approaching the record set in April. Elon Musk’s push to create a Department of Government Effectiveness (DOGE) has intensified the DOGE rally, prompting speculation about increased mainstream media buzz and retail interest.
Traders view $1 as the primary target for DOGE, the price level expected once it rises above 70 cents in 2021. At the time of publication, Dogecoin is trading at an average price of $0.412.
