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More Than $450 Million Liquidated As Bitcoin Reclaims $50k And ADA Rises To A New All-time High

The last 24 hours have brought back joy to the face of long crypto traders and are perhaps a teaser of what the new month will bring. Cardano (ADA) crosses $3 for the first time since its introduction to the market. Bitcoin reclaims $50k.

The price surge BTC experienced is an indication of more bullish actions over the weekend. After bitcoin first triumph over $50,000 in the last fourteen days, the most recent attempt marks the second time the king coin is flipping this critical resistance during this time.

BTC crossing $50k again sparked little reactions from traders. One trader tweeted that the largest crypto by market cap is getting boring with its inability to produce a new high. Another believed that bitcoin could hit a new high next week.

Cardano also enjoyed massive rallies over the last 24 hours as it rose to a new all-time high. The ADA/USD pair experienced a gradual uptrend that saw it flip $3 and proceed as high as $3.09.

The previous prediction that in the coming days, more short positions will liquidate as cardano is aiming for $3 has finally been achieved as the coin records a new ATH. After attaining this high, more trade will be poised to see the pair hit $5 before the end of the year.

More Than $450 Million Liquidated

The bulls are edging into almost every crypto in the top 100. On the other hand, there is a bigger blow to the bears as a total of $453 million was liquidated in the past 24 hours. The victors are evident as more than 70% of the liquidated fund are from short positions.

The largest single liquidated position is worth a whopping $9.3 million as Bybit records the biggest liquidated orders.  Crypto derivatives have improved significantly as its total trading volume has increased by 24% over the last 24%. The participants in the market have also increased from the last report as there are more than 50,000 traders trading as of the time of writing.

 


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