Originally published on: October 14, 2024
Cryptocurrency traders who were betting on the crypto market to decline faced liquidations exceeding $100 million in the recent surge of Bitcoin’s price above $64,000.
On Oct. 14, BitcoinBTC rose by 2.1% in the last 24 hours, breaking out of a weekend range-bound pattern to reach $64,173, the highest for the month so far. This surge resulted in a significant liquidation of short positions across the crypto market, totaling over $101.4 million as per data from CoinGlass.
The liquidations affected 54,649 traders, with Bitcoin shorts accounting for $52.33 million of the total followed by EtherETH shorts at $27.26 million. Bitcoin’s market dominance also climbed above 58%, reaching levels not seen since April 2021, according to TradingView.
Analysts were quick to speculate on the beginning of “Uptober,” a historically positive month for Bitcoin over the past years. Kyle Chassé tweeted to his followers that a major market rally is on the horizon, signaling a shift in the market sentiment. Onchain analyst James Check chimed in, urging everyone to “pray for the bears.”
In tandem with Bitcoin’s rally, Ether reclaimed $2,500, reaching a two-week high of $2,540 with a 2.9% gain in the last 24 hours. Other altcoins like SolanaSOL also saw gains, rising by 4.4% during the same period.
While high-cap altcoins like BNBBNB, XRPXRP, and DogecoinDOGE experienced modest gains of less than 1% on the day, the overall crypto market sentiment remains positive.
With Bitcoin surging past $64,000 and triggering significant liquidations, the market is poised for an exciting phase ahead, setting the stage for potential price rallies and positive returns. Subscribe to our Markets Outlook newsletter for critical insights and investment opportunities to stay ahead of the curve.
