The price of a major cryptocurrency surged again, hitting a fresh 18-month high of around $36,700 on Thursday, extending the digital asset's biggest gains.
Other major cryptocurrencies, including Ether (ETH), Binance Coin (BNB), Cardano (ADA), Polygon (MATIC), Polkadot (DOT), and others, also experienced gains. The recent wave of surges in the crypto market, particularly the rise of BTC, has led to millions of dollars being liquidated.
According to CoinGlass, the total liquidity in the last 24 hours has increased to almost $150 million, with more than 80% of that amount being traded in sell positions.
Data showed that nearly $50 million of liquidity occurred in a four-hour period in early Asian trading hours, creating a "short squeeze" that pushed prices slightly higher. Many are worried that this will encourage more traders to "short" for now.
More than $21 million of shorts occurred on futures exchange BitMEX, followed by OKX and Binance. This suggests that this movement may be due to Asian-based market trading.
Bitcoin trading accounted for more than $65 million of the total, while Ethereum came in second with about $16 million.
Some analysts, including artificial intelligence – ChatGPT, consider that there is an upward trend in BTC that has not yet come to an end and at the same time predict that the price could reach new records in the coming months.
The main factors that may have contributed to the surge include the potential approval of spot BTC ETFs in America, widespread adoption, upcoming foreclosures, and others.
