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Ethereum short liquidation volume is breaking records

Ether is not slowing down after its rate yesterday for the first time exceeded $ 3,000. Over the past 24 hours, the cryptocurrency has risen in price by another 10% and reached a new maximum of about $ 3,500. In two weeks, the capitalization of ETH has grown from $ 241 billion to $ 398 billion. It is noteworthy in this regard. and behavior paired with bitcoin, where the rate has already exceeded the levels of July 2018 and for the first time in three years rose to the level of 0.06.

As noted by the analytical company CryptoQuant, against this background, the volume of liquidations of short positions on ETH across all derivatives exchanges has reached a new high.

Over the past hour, bitcoin is only in fourth place in terms of the volume of liquidations. After ETH, this list includes Waves and Dogecoin, whose prices have also reached new highs today. Waves has risen in price by 70% and is trading above $ 40. A total of 139,079 traders were liquidated, and the largest liquidation took place on the Huobi exchange, where a position on ETH of $ 74.5 million was closed.

Despite the rise in the exchange rate, almost 40% of liquidated positions were long. The growth of ETH does not occur without pullbacks: after reaching the maximum, the price of the cryptocurrency fell by $ 350, and then almost completely recovered.

CryptoQuant CEO Ki Yong Joo previously reported that the current rise in ETH is different from 2018:

“Less deposits, more withdrawals across all exchanges. Selling pressure is significantly lower than in 2018. ”

Today he wrote:

“The number of incoming ETH transactions on exchanges is growing, but is still well below the previous high in 2018. I don’t know how much it will roll back, but it is obvious that the selling pressure is much lower than in 2018 ”.

The price of bitcoin on May 3 rose to a two-week high of about $ 59,000, but dropped over the last 24 hours by 4.5% to $ 55.9. As a result, the bitcoin dominance index continued to fall. At the time of publication, it is about 45%, while the share of ether on the market has already exceeded 16%.

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