bitcoin's rise above $50,000 catalyzed a broader market rally, driving numerous large-cap alternative digital assets like ethereum (eth), Solana (SOL), and others to significant gains.
According to data from cryptoslate, ethereum saw a 7% increase, reaching $2,661, while SOL rose 8% to reach $114. Among the top 10 digital assets, Avalanche's AVAX soared 6% to $41, Cardano's ADA rose 3.74% to $0.5574, while Ripple's BNB Coin (BNB) and XRP saw more modest gains, each of which rose less than 3%.
Market analysts attribute this bullish trend to rumors surrounding multiple spot bitcoin exchange-traded funds (ETFs) in the US. Vetle Lunde, senior analyst at K33 Research, noted that capital inflows into these ETFs have remained strong more than a month after their launch.
“Yesterday saw a net inflow of 9,870 btc, bringing the US spot ETF net flow since its launch to 72,312 btc. The new nine now have 228,000 btc,” Lunde added.
Over the past day, the price of btc crossed the $50,000 threshold for the first time since the end of 2021. The value of the leading cryptocurrency has increased by 4.2% to $50,146 at press time, extending a streak positive that had seen it gain 16% over the past week.
$184 million in liquidation
The broader cryptocurrency market rally resulted in significant liquidation totaling more than $184 million from more than 56,000 traders, according to Coinglass. data.
Short traders, or speculators who bet against price increases, suffered losses worth $134 million, while long traders who bet on price increases lost approximately $50 million.
Across all assets, bitcoin topped the liquidation charts with a total loss of $69.8 billion. bitcoin short traders accounted for losses of $55.04 million, while long traders lost $14.76 million. ethereum followed closely behind, contributing $39.85 million to the overall sell-off.
Other assets such as Solana, LINK, and ORDI also experienced liquidations of $10.14 million, $5.93 million, and $4.81 million, respectively.
Among exchanges, Binance witnessed the highest proportion of liquidations at 43.13%, totaling $79.42 million. Other platforms such as OKX and ByBit recorded liquidations of $58.29 million and $18.73 million, respectively.
Notably, the largest liquidation order occurred on Bitmex for LINKUSD, worth $3.14 million.
