Recovery of the Cryptocurrency Market: The Leadership of Altcoins
The cryptocurrency market is making a spectacular recovery, with Altcoins leading a strong surge. Over 800 million USD has been wiped out in short positions. Despite recession concerns, optimism around the US-UK trade agreement and increased institutional investment activity has breathed new life into the market.
Bitcoin and Altcoins: The Growth Race
Bitcoin is hovering near the 100,000 USD mark, but the real focus is on the altcoins. They are showing double-digit gains and triggering a wave of liquidations not seen since 2023.
Market Driving Factors
Record inflows into ETFs: Bitcoin ETFs in the US have reached 40.62 billion USD, signaling strong institutional demand. Friendly regulations: Arizona passes a Bitcoin bill, reinforcing regulatory acceptance of cryptocurrency assets. Macro push: News about the US-UK trade agreement bolsters risk appetite.
Growth of Ethereum and Other Altcoins
Ethereum rises 20%, surpassing 2,000 USD. This surge triggered liquidations worth over 310 million USD in ETH short positions. Dogecoin, Cardano, and Solana also saw impressive gains, surprising pessimistic traders.
Cryptocurrency Liquidations: A Challenge for Pessimistic Traders
Over 84% liquidations are due to short positions, marking a tough day for pessimistic traders. The wave of liquidations totaling 800 million USD is the largest since April, demonstrating the strength of the current uptrend.
Market Outlook: Is the Uptrend Sustainable?
The cryptocurrency market is showing strong risk-taking readiness. Despite ongoing economic instability, the current momentum indicates that the bulls have regained control, at least in the short term. If Bitcoin surpasses the 100,000 USD mark, this recovery phase could explode even further.
Source: https://tintucbitcoin.com/bitcoin-vuot-100k-usd-ethereum-tren-2k-usd-800-trieu-usd-bi-thanh-ly/
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