• Major cryptocurrencies experienced a rally in the past 24 hours, with Bitcoin breaking the $18,000 mark and Ethereum rising over $1,400.
• Over $200 million in shorts (bets against price rises) have been liquidated in the last 24 hours as a result of the rally.
• Analysts believe the rally exemplifies indecisiveness among crypto traders, as BTC and ETH are trading with a consolidation pattern.
Crypto markets experienced a strong rally in the past 24 hours, with Bitcoin breaking the $18,000 mark and Ethereum rising over $1,400. A number of other coins like XRP and solana rose as much as 20%. The rally has resulted in the liquidation of more than $200 million in shorts (bets against price rises) in the last 24 hours, in addition to those of more than $150 million earlier this week. Data from Coinglass shows that these levels haven’t been seen since October.
Analysts believe that the rally exemplifies indecisiveness among crypto traders, as BTC and ETH are trading with a consolidation pattern. According to QCP Capital, this suggests that traders are uncertain about the future direction of the market. This could indicate a potential long-term uptrend, though with currently high levels of volatility, it’s impossible to predict where the markets may be headed in the near future.
The crypto market’s strong performance in the last 24 hours has been welcomed by many investors, who are hoping for a sustained rally. However, the current market conditions suggest that traders should remain cautious and keep an eye on the market movements. With a lot of uncertainty in the markets, it’s important to take a long-term view and not be too quick to jump in and out of positions.