Ethereum Price Highs Triggered $55M in Short Liquidations

2021-5-5 07:49

Ethereum (ETH) reached an all-time high of over $3,500 on May 4, adding to the billionaire status achieved by Vitalik Buterin. This caused the volume of ETH short positions to reach a new record.

Following the price of ETH, the second-largest cryptocurrency by market capitalization, to a record high of over $3,500, the number of liquidations of short positions reached a record high.  

As a result, there has been a record-high number of short liquidations across all derivative exchanges. CryptoQuant stated that short liquidations topped out at almost $55 million. This also saw the ETH market capitalization rise to nearly $400 billion.

Ethereum’s latest rise comes on the back of growing institutional acceptance from investors and commentators. Last week JP Morgan, along with other major banks, advised investors to be bullish on Ethereum and stated that it predicts ETH would outperform Bitcoin. 

“We’re maintaining our overweight Ethereum vs. Bitcoin recommendation from April 2020 and reiterating our ~$10.5k price target from January this year.” 

The reason for Ethereum’s growing popularity is down to its pioneering in the smart contract market. Many DeFi networks are based on the Ethereum ecosystem and these networks manage the majority of cryptocurrency transactions on a daily basis. This is entirely different from how Bitcoin uses the blockchain.

Whereas bitcoin is primarily used to support payments and as a store of value, Ethereum essentially works as a software platform that enables smart contracts on assets or applications without any third parties interfering. As a result of this, the number of DeFi applications built on Ethereum has risen significantly. Also, last week, the number of active Ethereum addresses hit an all-time high. 

The post Ethereum Price Highs Triggered $55M in Short Liquidations appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3007.8 (-0.29%)
Объем 24H $15.603b
Изменеия 24h: 3.62 %, 7d: 0.46 %
Cегодня L: $3003.4 - H: $3038.74
Капитализация $361.292b Rank 2
Цена в час новости $ 3270.64 (-8.04%)

eth short ethereum achieved billionaire status vitalik

Источник: beincrypto.com

eth short → Результатов: 126


Фото:

Here’s why Bitcoin (BTC) price is struggling this week as Ethereum (ETH) hits new highs

Bitcoin (BTC) price is trading about 3% lower this week as it faces mild selling pressure, following a strong push higher in recent weeks.  BTC price could decline 50% in the short run, says Guggenheim CIO Bitcoin price has corrected lower in the past two weeks as industry experts and analysts warn of an oversaturation […] The post Here’s why Bitcoin (BTC) price is struggling this week as Ethereum (ETH) hits new highs appeared first on Invezz.

2021-4-22 17:30


Фото:

The Power of ETH and BCH: Smart Bitcoin Cash Project Highlights Innovative Sidechain

On Thursday, Bitcoin Cash proponents were introduced to a new website that features a project called Smart Bitcoin Cash or Smartbch for short. Essentially, the project is a sidechain for Bitcoin Cash that is compatible with Ethereum’s EVM and Web3 API, which means people will soon be able to leverage decentralized applications (dapps) without paying […]

2021-4-2 05:30


Фото:

Ethereum Could Form a Massively Bullish Pattern if Bulls Defend Key Level

Ethereum saw an incredibly intense decline yesterday that sent its price plunging to fresh multi-week lows This selloff came about in tandem with the flash crash seen by the entire altcoin market, which may have come about due to XRP’s 50%+ one-day decline Other major altcoins – like Chainlink – posted massive losses that resulted in deep downwards wicks on their candle charts, likely due to on-chain short liquidations ETH is now in the process […]

2020-12-27 01:00


Ethereum Still Likely to Dive to $360 Support as Funding Stays Neutral

Ethereum and Bitcoin have both posted notable rebounds after facing some intense weakness throughout the early morning hours ETH was able to rally from lows of $380 to highs of well over $390, while Bitcoin pushed back above $11,500 after dipping to $11,200 This strength is an incredibly positive sign for the market, as it shows that buyers still have underlying strength Despite this strength, analysts are still short on Ethereum, with one trader noting […]

2020-8-28 23:00


Here’s Why Analysts are Flipping Short on Ethereum After Its Explosive Surge

After a prolonged period of range-bound trading, Ethereum posted a breakout rally yesterday that allowed it to surge up to fresh multi-month highs This rally put a firm end to the crypto’s macro trading range between $230 and $250 It remains unclear as to what caused this movement, but it allowed Bitcoin and other major altcoins to push higher as well Analysts are now growing cautious of what could come next for ETH Despite its […]

2020-7-24 23:00


Фото:

Ethereum’s Macro Bear Structure Strengthens as Analysts Eye a Massive Decline

Ethereum has been able to maintain above $200 despite the recent turbulence seen within the aggregated crypto market This outperformance of Bitcoin has allowed it to gain some strength on its embattled BTC trading pair ETH is still in a precarious position, however, as analysts are noting that its macro bear structure still remains strong Analysts are also widely flipping short on ETH, with some anticipating massive downside Ethereum’s price action has been largely lackluster […]

2020-5-26 23:00


Фото:

Analysts Flip Short on Ethereum as Likelihood of a Sharp Decline Grows

Ethereum has begun finding immense stability within the $190 region following its recent dip to lows of $180 seen yesterday The cryptocurrency has been flashing some immense signs of weakness against its BTC trading pair throughout the past few weeks Multiple analysts are now noting that they anticipate ETH to decline further in the days and weeks ahead, potentially seeing losses that send it as low as $150 in the near-term Ethereum has seen a […]

2020-5-13 23:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum’s Possible Futures ETF Approval: How Will Price React?

Amid industry-wide headwinds, Ethereum (ETH) bulls managed to defend the $1,600 support territory this week. Will the ETF Approval reports trigger a price rebound? The post Ethereum’s Possible Futures ETF Approval: How Will Price React? appeared first on BeInCrypto.