BTC and ETH surge on another wave of short liquidations

bitcoin and ethereum witnessed another phase of short liquidations, giving bullish momentum to the assets.

According to data provided by Coinglass, total cryptocurrency liquidations reached $138.23 million as bullish sentiment dominates the market. Of this figure, over $95 million has been liquidated from short trading positions, showing a 71% dominance over long positions.

Increased short selling often creates buying pressure.

ethereum (eth) leads the chart with $27.69 million in liquidations: $23.84 million in shorts and $3.85 million in longs. eth gained 3.1% in the last 24 hours and is trading at $2,730 at the time of writing.

Its daily trading volume increased by 117%, reaching $17.4 billion, as investor interest increases.

Notably, the largest single liquidation order was executed on Binance, the largest cryptocurrency exchange by trading volume, and was worth $6.64 million in the eth/USDT pair.

bitcoin (btc) comes in second with $25 million in liquidations: $21 million in shorts and $4 million in longs. This caused the btc price to hit a four-month high of $69,460 today. Despite the latest correction, bitcoin is still up 0.45% over the past day and is changing hands at $68,700 at the time of reporting.

The flagship crypto asset saw a 74% increase in its daily trading volume, currently at $24 billion.

The global crypto market capitalization has also hit a three-month high of $2.49 trillion as most major altcoins post bullish gains, according to data from CoinGecko.

If long positions begin to be liquidated, significant selling pressure could be created as traders attempt to minimize their losses.