The price of Ether (ETH), the Ethereum cryptocurrency, reached a new historical maximum (ATH) exceeding 4,800 dollars (USD). This caused a volume of liquidations not seen in the last six months.
According to Coinglass data, in the ETH market, approximately USD 284 million were recorded yesterday in bassist and USD 80 million positions in bullies, adding a total of USD 364 million. In other words, Most liquidations affected investors who bet on the price drop.
The daily graphic evidence that The bar corresponding to ETH bearish liquidations this Friday was the highest of the last six monthsreflecting the direct impact of the unforeseen price rebound by the bearish traders.
With its rise to a new historical maximum price, the cryptoactive with more liquidations in the day was ETH. Meanwhile, those of Bitcoin (BTC) were USD 67 million bullish positions and USD 34 of bassist positions, a low amount in comparison compared to their typical behavior.
This occurs while BTC remains in a consolidation period after reaching an AT of USD 122,000 last week.
Liquidations are automatic positions of positions when the market moves in the opposite direction to the bet of an investor and this is left without margin to cover losses.
The bassists are activated when the price rises and those who expected a fall suffer losses, while the bulls affect those who anticipated increases and the price falls. This mechanism seeks to limit risks in cryptocurrency derivatives.
The new ETH record reflects the strength of the market and the growing interest of institutional and retail investors. However, these types of movements are usually accompanied by volatility, so attention now focuses, as cryptootics reported, on the next levels of support and resistance of ETH, as well as the possible reaction of the Altcoins against this impulse.