Bitcoin hits new all-time high, surges before plunging in a nearly $1.2 billion bloodbath

After 846 days, Bitcoin broke through its previous all-time high of $69,000 last night. Ethereum also surged to $3,827, but the peak was short-lived, leading to mass liquidation of long positions. In the overall cryptocurrency market, a total of $1.18 billion in positions were liquidated within 24 hours.

Bitcoin Breaks New All-Time High

After a long 846 days, Bitcoin broke through its previous all-time high of $69,000 last night. However, the peak was short-lived as Bitcoin rapidly dropped to $59,005 within five hours, leading to a massive liquidation of long positions. As of the deadline, the price is around $63K.

ETH Surges to $3,827, Then Drops to Above $3,200

Ethereum's trend is quite similar. Although it is still nearly 30% away from its all-time high of $4,867 on November 10, 2021, Ethereum also surged to $3,827 last night, then dropped to around $3,200, leaving a long lower shadow. The price as of the deadline is $3,550.

Bulls Wiped Out, Nearly $1.2 Billion Liquidated Within 24 Hours

According to CoinGlass data, the significant volatility resulted in over $323 million in Bitcoin positions being liquidated, with the majority being $243 million in long positions. Ethereum also had $205 million in positions liquidated.

Overall in the cryptocurrency market, within 24 hours, a total of $1.18 billion in positions were liquidated, with long positions accounting for $890 million and short positions for $287 million.

Top 10 Coin Performances

Yesterday, the top 10 coins all showed a downward trend, but the cumulative seven-day trend remains upward, especially with meme coins like DOGE and SHIB still having astonishing increases of 54.2% and 213.3% respectively over the week.

The market sentiment index has reached above 90, with large price fluctuations, so please pay attention to managing your own risks.

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