The market value of all cryptocurrencies soared to nearly $1 trillion as other cryptocurrencies followed in Bitcoin’s footsteps in a single day of significant increases for the industry.
Bitcoin continued its upward trend that began on Tuesday, reaching $21,200 market on Bitstamp, according to TradingView is the most valuable cryptocurrency asset rises to make up for all of its losses from the previous month.
Ether, the native asset of the Ethereum network, which has been underperforming ever since the euphoric narrative surrounding “The Merge” faded, a 14% spike was also seen in the past 48 hours.
The majority of the cryptocurrency market’s unforeseen price increases resulted in a 4.8 percent pump to the overall market, sending it to a month high of $971 billion as the market tries to buck the downward trend.
The market surge has resulted in a sizable amount of liquidation due to traders’ failure to profit from their wagers expecting the price of Bitcoin and other cryptocurrencies to decrease over the course of the next 24 hours. Data from Coinglass shows that 84.57% of all liquidations are short order liquidations.
147,754 traders from across the cryptosphere liquidated their long orders, bringing the total amount liquidated to about $1.08 billion in the past 24 hours.
It is clear that the crypto market has been moving in tandem with the stock market which started rising as well as a number of major companies, like Microsoft and Google, have reported earnings.
Inflation worries and macroeconomic uncertainty have recently dominated the cryptocurrency market. The market has been in a downturn for the entire year, and there were no fundamental changes that could sustain market reversal.