$ETH updated its historical maximum against the backdrop of market growth.
The price of Ethereum exceeded the mark of $4880, setting a new historical record. This significant rise, which occurred on August 22, became part of the overall uptick in the cryptocurrency market.
This sudden price increase caused mass liquidations in the futures market. Overall, traders lost over $769.14 million. About half of these losses, namely $388.41 million, fell on those who bet on the decline of the price of Ethereum (holders of "short" positions). As a result, 183,695 traders suffered losses. Liquidations in Bitcoin amounted to $112.37 million.
Against the backdrop of rising prices, trading activity in the Ethereum futures market significantly increased. The open interest volume (the total value of all open futures contracts) reached $33.2 billion as of August 23. However, if the price of $ETH drops to $4220, it could trigger the liquidation of "long" positions (those who bet on growth) amounting to $6.45 billion.
At the same time, Ethereum's market capitalization increased by 10.7%, reaching a mark of $573.46 trillion.
