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Ethereum and Solana experience increases as Bitcoin surpasses $50,000, leading to $184 million in liquidations.
Bitcoin’s rise beyond $50,000 triggered a wider market rally, driving many large-cap alternative cryptocurrencies such as Ethereum (ETH), Solana (SOL), and others to notable increases.
As per information from CryptoSlate, Ethereum experienced a 7% increase, reaching $2,661, while SOL jumped 8% to $114. Among the leading 10 digital currencies, Avalanche’s AVAX rose 6% to $41, Cardano’s ADA increased by 3.74% to $0.5574, whereas BNB Coin (BNB) and Ripple’s XRP saw more modest increases, each rising by under 3%.
Market experts link this optimistic trend to the excitement surrounding several spot Bitcoin exchange-traded funds (ETFs) in the United States. Vetle Lunde, a senior analyst at K33 Research, remarked that inflows into these ETFs have remained strong more than a month following their introduction.
Bitcoin ETF Flow. (Source: K33 Research)
“Yesterday saw a net inflow of 9,870 BTC, pushing the net U.S. spot ETF flow since launch to 72,312 BTC. The new nine now hold 228,000 BTC,” Lunde added.
In the last 24 hours, BTC’s price surpassed the $50,000 mark for the first time since late 2021. The leading cryptocurrency’s value has increased by 4.2% to $50,146 as of the time of this report, continuing a positive trend that has seen it rise 16% over the past week.
$184 million in liquidation
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The overall crypto market surge led to a substantial liquidation exceeding $184 million from more than 56,000 traders, according to data from Coinglass.
Short traders, or those speculating against price increases, incurred losses totaling $134 million, while long traders betting on price rises faced losses of around $50 million.
In terms of assets, Bitcoin topped the liquidation charts with a total loss of $69.80 million. Short Bitcoin traders accounted for $55.04 million in losses, while long traders lost $14.76 million. Ethereum closely followed, contributing $39.85 million to the total liquidation.
Other cryptocurrencies such as Solana, LINK, and ORDI also faced liquidations of $10.14 million, $5.93 million, and $4.81 million, respectively.
Among exchanges, Binance recorded the highest share of liquidations at 43.13%, amounting to $79.42 million. Other platforms like OKX and ByBit reported liquidations of $58.29 million and $18.73 million, respectively.
Significantly, the largest liquidation order took place on Bitmex for LINKUSD, totaling $3.14 million.
The post Ethereum, Solana see gains as Bitcoin’s rally above $50,000 causes $184 million liquidations appeared first on CryptoSlate.
