ETH’s price soared beyond $1.4K while BTC price is aiming for $22,000. As a result, many short bets have been liquidated.
The price of BTC is currently hovering at $22,000, having risen by about 5% over the previous week and 2.1% over the previous 24 hours.
The cryptocurrency market has continued to grow, adding $150 billion to its capitalization in the last few days, which is currently beyond $1 trillion.
However, with a week-over-week increase of 22.6 percent and a day-to-day increase of 5.5 percent, Ethereum is clearly in the lead in terms of price performance over recent days.
This resulted in liquidations of more than $250 million, more than $160 million of which were short bets, which was maybe to be expected.
According to Coinglass data, an ETH perpetual contract with a face value of $2.83 million was the largest single liquidation order to ever occur on FTX.
With 65K worth of ETH liquidated over the course of the last 4 hours (a total of over $94 million), ETH is also leading in terms of overall liquidations.
Overall, 64 percent of the positions that were liquidated were short across the largest exchanges, with OKX recording the highest volume of liquidations.
