Cryptocurrency liquidations total over half a billion dollars, while cryptocurrency market caps and the majority of leading cryptocurrencies are in the green.
According to data from Coinglass, total crypto liquidations reached $567 million in the last 24 hours. Of this, $316.83 million worth of digital currencies were liquidated from short positions and $250.92 million from long positions.
Crypto Liquidations in 24 Hours – March 5 | Source: Coinglass
Bitcoin (BTC) alone accounts for around $172 million of liquidations – $112 million from short positions and $60 million from long positions. The liquidations come as BTC recently hit a 28-month high of $68,760 – a level last seen in November 2021.
Bitget CEO Gracy Chen expects Bitcoin price to surpass $180,000 and likely even reach $200,000 before the current bull cycle ends.
According to the data provider, the largest crypto exchange by trading volume, Binance, accounted for the largest share of liquidations, $239.8 million, followed by OKX, Bybit and Huobi with $195 million, $57 million and $43 million in liquidations in the last 24 hours. respectively.
Data from CoinGecko shows that the global crypto market cap currently stands at $2.62 trillion, with Bitcoin dominating at $50.1 trillion – BTC's market cap is around $1.31 trillion at the time of writing -Dollar.
Additionally, according to Coinglass, the total open interest in the crypto market has increased by 6.4% over the past day and currently stands at $67.18 billion.
Global cryptocurrency trading volume has also reached $348.94 billion, increasing by 87% in the last 24 hours, according to Coinglass data.
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