Ethereum Sees Nearly $388 Million in Liquidations Amid Price Surge
Ethereum surpassed $4,800, leading to $388 million in liquidations within 24 hours, the highest across all crypto assets. Total market liquidations reached $769 million, affecting over 183,000 traders.
- The largest liquidation was a $10 million ETH swap order on OKX.
- Liquidations highlight the volatility and fragility of leveraged positions in the crypto market.
- The surge saw ether increase nearly 15% to a record $4,885 following comments from Federal Reserve Chair Jerome Powell on potential rate cuts.
- Bitcoin increased by 4% to $113,000, while the CoinDesk 20 Index rose by 9%.
- Institutional buying and treasury allocations are contributing to Ethereum's momentum.
- Analysts suggest Ethereum could be Wall Street's preferred blockchain, with predictions of ETH reaching $10,000 driven by stablecoin solutions and smart contracts.
- The year-to-date gain for ETH is now at 45%.