Bitcoin has once again taken the lead with a new record high. The price has crossed the $30,000 mark, reaching its highest since June 2022. This impressive gain of 6.13% in just 24 hours has set a bullish trend in the market, indicating that investors are confident in the currency’s long-term potential.
Ethereum, another major player in the crypto market, has also experienced a surge in value. In the past 24 hours, its price has increased by 3.30%, hitting a peak of $1,936. With both Bitcoin and Ethereum trading at their major resistance levels, it’s clear that the overall market is experiencing a significant upswing.
Meanwhile, the data from CoinMarketcap also shows that the 24 hours trading volume of both leading currencies is up by 93.89% and 65.00%, respectively. Not just that, both are rising in their weekly charts as well. BTC rose about 6.72% in the past seven days and ETH by 4.82%.
This upward trend also favors other currencies, several of which are now trading at considerable gains. As a consequence, the market cap as a whole increased by 4.34% to $1.24 trillion.
Despite the optimism, it has also been reported that a staggering $173.46 million US dollars have been liquidated on the entire network in the past 24 hours. Further raising concerns is that 77.49% of these liquidations are short orders.
According to data by Coinglass, it has been revealed that Bitcoin alone accounted for a massive $107.16 million in liquidations. On the other hand, ETH was not too far behind, with a total of $27.99 million in liquidations.
Bitcoin & ETH Block Trades Drive Short-Term IV Boost
Well, the cryptocurrency market has witnessed a remarkable surge in recent trading as BTC has soared past the $30,000 mark, and ETH has come close to $2,000 earlier today. This boost is reflected across all significant term IVs, with short-term IVs experiencing a substantial increase.
As per the day’s transactions, Bitcoin block trades dominated the market, contributing to almost half of the overall transactions. At the same time, ETH block trades accounted for over 30% of the trades. Active buying of short-term calls was the most common among the various trading activities, and overall transactions remained fragmented.
Interestingly, options data indicate that market sentiment is currently stable, and the market has not yet reached the FOMO (Fear Of Missing Out) stage. According to the latest report from GreeksLive, this suggests that investors remain calm and calculated, and the market is still open to potential opportunities.
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