Over the last weekend, short positions in the crypto market have jumped where they are expecting consolidation after the market’s latest rally. The total market capitalization has surged 12% in the last seven days and is currently positioned at $2 trillion with an increase of more than 4% in the last 24hrs.
The current positive gains have undoubtedly influenced institutional sentiment around crypto.
The Crypto market has seen a bulk of liquidations happening in the last 12 hrs with total short liquidation in the market positioning at $369 million.
Over $100 million In ETH Gets Liquidated!
As per the market data, over the last 24hrs liquidation in both Bitcoin and Ethereum has grown significantly. Ethereum liquidation stands at over $100 million whereas Bitcoin’s liquidation is about $165 million.
However, as the market is trading positively, traders seem to be regretting the liquidations made. Here traders appear to be regretting because over 62,500 traders have been liquidated from their position due to betting made against the market rally.
In the last 24 hrs, Bitcoin and other major altcoins have picked up the pace signaling green. Bitcoin, which was struggling hard for a bull run is now experiencing bulls taking over the space and pushing the coin above $47,000.
Then, for the second-largest cryptocurrency, Ethereum, these have been all positive developments. The merge, where the consensus layer will be taking over the executive layer, was tested successfully on Kiln testnet earlier this month. Ethereum price too has gained a positive rally trading above $3,300 and the merger can influence the price for further gains.
Vitalik Finds Glitches In The Network, But Hopes To Fix It !
In a recent interview By Times with Vitalik Buterin, the co-founder of Ethereum had a lot of insightful discussion where Vitalik shared his concern towards the Crypto space and its future.
One of the important discussions that caught audience attention was Vitalik’s concern towards Ethereum’s gas fee issue and hopes to fix it with Ethereum 2.0. He was seen stating that “Fees are a huge problem for Ethereum’s usability, especially for things other than some of the financial applications that have dominated recently.”
He also adds that the full vision is years away, as there are a number of problems that need to be solved. Overall, the Ethereum co-founder seemed optimistic and is looking forward to a better future.
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Source: https://coinpedia.org/ethereum/ethereum-surge-above-3300-whats-next-for-eth-price/