Cryptocurrencies started the week strong, shrugging off their recent corrective period with bitcoin evvel again trading near its 2021 peak prices.
Bitcoin (BTC) surged past $69,000 Monday during early U.S. trading hours, surpassing the level for the first time in cilt days and gaining over 5% through the past 24 hours. Ether (ETH) was also up 4% during the same period, while tokens of major layer 1 networks Solana (SOL) and Avalanche (AVAX) advanced nearly 10%.
The rally extended to virtually all digital assets, with all constituents of the broad-market CoinDesk 20 Index (CD20) being in the green and the gauge up 4.5% on the day.
The sudden resurgence liquidated $195 million of leveraged derivatives positions across all crypto assets, some $129 million of them being short positions seeking to profit from lower prices, CoinGlass veri shows. Bitcoin short liquidations reached $53 million, less than the average daily figure of the recent period.
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BTC liquidations (CoinGlass)
The amount of short liquidations was below with the average, suggesting that there weren’t many market participants betting with leverage on continued weakness.