Monday, February 6, 2023

Crypto Market Cap Hit $2.1 Trillion With $140M In BTC Shorts Liquidated

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The crypto market cap hit $2.1 trillion after $140 million in BTC shorts were liquidated due to a wide rally on the markets as we are reading more in our latest crypto news today.

Some altcoins like Filecoin and the Internet Computer saw double-digit gains over the past day. The crypto market cap hit $2.1 trillion with the leaders like BTC and ETH both breaking out after a week of stable price action. Bitcoin’s surge saw the leading crypto surpass the $47,000 price point which is a price level not seen since the start of the year. With the price of BTC breaking for the year, the crypto market rally led to a wide liquidation in short positions. According to the data from CoinGlass, there have been over $142 million in BTC shorts liquidated since a day ago.

btc liquidations
Long and short data for Bitcoin over the past 12 hours. Source CoinGlass.

Ethereum’s bullish action led to a similar wave of liquidated shorts and cost the bearish traders about $103 million over the same time frame. BTC and ETH are up by 6% over the past 24 hours and BTC is now trading at just over $47,000 while ETH hit $3340. of the biggest gainers in the top 50 cryptos, Filecoin, Vechain, and EOS posted the biggest gains. Filecoin increased by 27% according to the data and now it trades at $24.68 with the token still being 90% down from its ATH of $237.

FIL’s uptick is mainly due to the broader bullish trend ont the market but the price action can also be attributed to the new accelerator program launched in partnership with Protocol Labs and TechStars. The accelerator will pair 12 different startups with the Techstars’ network of mentors and investors to build a blockchain project using Filecoin. Internet COmputer also increased by 15% and its native token is now trading at $22.38 which is still a whopping 96% down from its ATH. The ICP token seeks to decentralize the cloud computing space that is now in place.

The tokens’ recent rise can be related to the founder Dominic William’s plenty o inform the Russian population of the things that are really happening in Ukraine. He outlined a scheme that will incentive the users to watch the content about the Russian invasion and they will be rewarded in BTC or ETH. The ICP will be the main vehicle on which the plan will be executed. After filecoin and Internet Computer, eOS also mounted huge rises.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

The VET token behind the Vechain network is now up by 20% while EOS is enjoying a rise of more than 16% over the past day. Given Bitcoin’s market share of the entire industry, the rise has been the main motor behind the wider market recovery.

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