Following the Bitcoin price trend, which surged beyond $41,000 today, the cryptocurrency market appears to have redeemed losses from less than 24 hours ago.
According to TradingView, Bitcoin (BTC) reached $41,754 on Bitstamp on April 14, a five-day high, as the first day of Western stock market trading after Easter portrayed a more bullish image.
The largest cryptocurrency began rallying around 4 p.m. (UTC) to completely erase the intraday loss, which was a welcome change from the gloomy atmosphere over the holiday period. The two most prominent cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), are up around 6% and 7% in the last 24 hours, respectively.
The majority of the other major cryptocurrencies are doing well as well. In the last 24 hours, Solana (SOL), Polkadot (DOT), Terra (LUNA), and Avalanche (AVAX) have all risen 8%, 6%, 11 percent, and 8%, respectively.
Traders speculating on the price of Bitcoin and other cryptocurrencies falling in recent hours caused a cascade of massive short orders liquidations.
The liquidation clusters of shorts resulted in 41,517 traders liquidating across the cryptosphere in under 24 hours, bringing the total value liquidated to about $180 million, according to Coinglass data.
The LUNA Foundation Guard’s (LFG) intention to back the Terra network’s stable token, Terra USD (UST), with a staggering $10 billion in Bitcoin (BTC) reserves isn’t helping the crypto market’s price rise.
Since starting to buy in late January, the nonprofit group has already started deploying its funds, having acquired 42,530 BTC valued about $1.76 billion at the time of writing. Many people believe that one of the reasons the market hasn’t given up is because of the positive signals sent out by new Terra buy-ins.
Despite the fact that crypto mood has shifted from “extreme fear” to “fear”, tracking resource Material Indicators has urged for a level-headed assessment of BTC price action.