On October 24, 2023, bitcoin (BTC) witnessed a substantial growth of 13% during the initial trading hours, according to Eastern Time (ET). This surge elevated the value of bitcoin to $35,108 per unit and boosted the entire cryptocurrency market by more than 10%. As the market experienced this upswing, traders who had taken short positions in cryptocurrencies such as bitcoin and ethereum faced considerable losses. Within just a 24-hour span, an astonishing $323 million worth of crypto short positions were liquidated.
One-Day Surge: Rise in Cryptocurrency Market Erases $427 Million in Both Short and Long Positions
At present, the valuation of the cryptocurrency market stands at an impressive $1.3 trillion, reflecting a 10% increase. In the previous 24 hours, BTC’s value surged by 13%. Other major cryptocurrencies also posted significant gains: Ethereum (ETH) climbed by 9%, Binance Coin (BNB) increased by 5%, while XRP and Solana each rose by 7%.
The swift ascent in the prices of these leading cryptocurrencies led to a scramble among those who had bet against them. Their short positions were quickly liquidated following these rapid price increases. Recent statistics from Coinglass indicate that the market observed the liquidation of $51.91 million in long positions, along with a significant $103 million in short positions, all within the last 12 hours.
A closer examination of the 24-hour metrics shows that short positions amounting to $323 million were wiped out, and an additional $104 million in long positions suffered the same fate. Of the total short positions liquidated, contracts in bitcoin constituted a major portion, tallying up to $232 million of the $323 million sum.
In parallel, ethereum (ETH) experienced the liquidation of more than $64 million in short positions. Short positions in Solana (SOL) added up to approximately $11.4 million. Moreover, short positions in a variety of other alternative cryptocurrencies amounted to roughly $21.83 million.
Coinglass’s data further underscored a surge in trading volume, which reached $203 billion in the past day— a notable 143% increase from the day prior. Open interest currently sits at nearly $29.73 billion, marking a 4.55% increase. Overall, liquidations in the cryptocurrency market over the last day amounted to a staggering $429.46 million, affecting both long and short positions.
What are your views on the erasure of speculative positions over the past 24 hours? We invite you to share your insights and perspectives on this topic in the comments section below.
Frequently Asked Questions (FAQs) about Bitcoin surge
What happened to Bitcoin’s value on October 24, 2023?
On October 24, 2023, Bitcoin experienced a substantial increase of 13% in its value during the early trading hours according to Eastern Time. This surge elevated Bitcoin’s value to $35,108 per unit.
How did this surge affect the overall cryptocurrency market?
The rise in Bitcoin’s value led to a more than 10% increase in the entire cryptocurrency market, boosting its valuation to around $1.3 trillion.
What was the impact on traders who had short positions in cryptocurrencies?
Traders who had taken short positions in Bitcoin and other cryptocurrencies found themselves facing significant losses. A staggering $323 million worth of short positions were liquidated within a 24-hour span.
How much were Bitcoin contracts affected among the total short positions liquidated?
Among the total short positions of $323 million that were liquidated, Bitcoin contracts made up a substantial portion, accounting for $232 million.
Did other major cryptocurrencies also experience price gains?
Yes, other major cryptocurrencies also posted significant gains. Ethereum climbed by 9%, Binance Coin increased by 5%, and both XRP and Solana rose by 7%.
What data did Coinglass provide regarding liquidations?
Coinglass reported that $51.91 million in long positions and $103 million in short positions were liquidated in the last 12 hours. The trading volume also surged to $203 billion, a 143% increase from the previous day.
What was the total amount in liquidations across both long and short positions?
The total amount in liquidations for both long and short positions in the last day was a staggering $429.46 million.
What is the current status of open interest in the cryptocurrency market?
The open interest in the cryptocurrency market currently stands at nearly $29.73 billion, which marks a 4.55% increase from the previous day.
More about Bitcoin surge
- Coinglass Official Website
- Cryptocurrency Market Analysis
- Bitcoin Price History
- Ethereum Price Movements
- Binance Coin Statistics
- XRP and Solana Performance
- Short and Long Position Trading
- Open Interest in Cryptocurrency