bitcoin price has risen to $53,000, but eth continues to outperform the largest digital asset and has shot up to $3,000 for the first time in almost two years.
These price increases have left overly leveraged traders in a bad situation, with total liquidations reaching almost $200 million.
The cryptocurrency market has been on a roll in recent weeks, with btc posting two consecutive weekly closes with double-digit gains. The start of the current week was somewhat slow, but bitcoin went on the offensive a few minutes ago and reached $53,000 for the first time since the end of 2021.
ethereum led the altcoin rally last week. Perhaps driven by the hype surrounding the possible approval of ethereum spot ETFs in the United States, as was the case in late 2023 when bitcoin ETFs were discussed, the second-largest digital asset has risen by more than $500 in the last weeks.
Earlier today, eth skyrocketed further and briefly surpassed $3,000 to record its highest price level since April 2022.
Despite losing some ground and being rejected at the time, the native ethereum asset is still trading in the green on a daily scale.
However, this increased volatility has hit some riskier traders, with nearly $200 million in liquidations over the past day, according to CoinGlass.
Approximately 70,000 traders have failed and ethereum positions are responsible for the largest share at $50 million (or a quarter).
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off fees on Binance Futures for the first month (terms).
<!– ai CONTENT END 1 –>
