Traders who were betting on a market-wide decline were surprised as a broad recovery in the past 24 hours led to the liquidation of some $306.79 million in short positions, or bets against price rises, according to a January 12th report.
The report revealed that based on the data from CoinGlass, the most significant liquidations took place in Ethereum-related futures, totaling $138 million in both short and long positions.
Bitcoin futures experienced liquidations of $96.35 million, while AVAX and GALA incurred more than $5 million, respectively, in losses due to volatile trading on January 11th.
Besides the rise in price, Ethereum has reached a new milestone in its journey toward a proof-of-stake network. Data from Etherscan reveals that over 16 million ether (ETH) have been deposited into Ethereum’s Beacon Chain staking contract.
As per the report, this figure represents more than 13.28% of the total ether supply and is equivalent to nearly $22.38 billion at current prices. The achievement comes almost two years after the launch of Ethereum’s staking contract in 2020.
Other Altcoins Follow Ethereum Price Rise
According to CoinMarketcap, the market experienced a 3.5% growth in total market capitalization over the past 24 hours, with leading cryptocurrencies reaching major resistance levels and seeing substantial gains.
Bitcoin and Ethereum, the top two cryptocurrencies, are currently seeing bullish trends. At the moment, Bitcoin is trading at $18,272.68, with a 4.85% gain in the last 24 hours and an 8.57% increase over the last 7 days.
Similarly, Ethereum is being traded at $1400, with a 4.84% rise in the last day and an 11.66% increase in the past week. Ethereum has earlier today reached its major milestone of approximately $1,400 after a period of two months.
Ethereum is leading the way for several other alternative coins, including Avalanche, which has seen a daily gain of 23% and 30% over the past seven days.
GALA has also seen an 8.79% increase in the last 24 hours and a staggering 132.28% increase over the past seven days. Aptos has also seen a significant gain of 40% in the past seven days, among others.
Related Reading | Binance Is Defying Industry Trend by Planning to Increase Hiring by 30% in 2023
