$200M in Liquidations as Ethereum (ETH) Jumps to $3K for the First Time in Almost 2 Years

10 months ago 3

ARTICLE AD BOX

Bitcoin’s price has increased to $53,000, but ETH continues to outperform the largest digital asset and has skyrocketed to $3,000 for the first time in almost two years.

These price increases have left over-leveraged traders in a bad situation, with the total liquidations rising to nearly $200 million.

The cryptocurrency market has been on a roll in the past several weeks, with BTC registering two consecutive weekly closures with double-digit gains. The start of the current week was somewhat sluggish, but Bitcoin went on the offensive minutes ago and tapped $53,000 for the first time since late 2021.

Ethereum has led the altcoin rally in the past week. Perhaps driven by the hype surrounding the potential approval of spot Ethereum ETFs in the States, as it happened at the end of 2023 when Bitcoin ETFs were discussed, the second-largest digital asset has risen by more than $500 in the past few weeks.

Earlier today, ETH shot up even more and briefly exceeded $3,000 to chart its highest price level since April 2022.

Despite losing some ground and being rejected at that point, Ethereum’s native asset still trades in the green on a daily scale.

This enhanced volatility, though, has affected some riskier traders, with almost $200 million in liquidations over the past day, according to CoinGlass.

Roughly 70,000 traders have been wrecked, and Ethereum positions are responsible for the lion’s share with $50 million (or a quarter).