The cryptocurrency market, once again, took everyone by a storm, with Bitcoin finally making the move that everyone was eager for.
The cryptocurrency broke above $20,000 and is even pushing further ahead. This has led to massive liquidations of short positions, the total number of which is almost $400 million in the past hour alone.
More Than $500 Million of Short Positions Liquidated in an Hour
Trading is a zero-sum game. This means that for some traders to be profitable, others need to lose, hence the constant battle between bears and bulls.
It’s safe to say that Bitcoin bulls had the upper hand in today’s trading session as bitcoin’s price blasted through the coveted $20,000 and charted a brand new all-time high at prices never seen before.
At the time of this writing, the cryptocurrency is trading at around $20,500 for a daily increase of 6.6%.
The liquidated short positions, however, have also skyrocketed. Data shows that in the past hour alone, the short liquidations have surged to almost $400 million across the major exchanges.
Total Liquidations. Source: Bybt
The majority of the liquidations come from Binance, which takes 41.3% of the total share, followed by Huobi and OKEx.
The Entire Market Moves Forward
While short positions are feeling the pain right now, the entire market seems to be moving forward.
Cryptocurrency Market Heatmap. Source: Quantify Crypto
Ethereum is back above $600, and at the time of this writing, there are no serious signs of slowing down. The total market capitalization increased by more than $20 billion in the last couple of hours, and it’s interesting to see what happens next as BTC is officially in price discovery.