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In one of its most impressive rallies in about a year, bitcoin skyrocketed by double digits, charting a two-month high above $21,000.

Most alternative coins have followed suit, resulting in over $650 million in liquidations on a 24-hour scale, the majority of which were from short positions.

It’s safe to say that the start of the year has been quite favorable for the cryptocurrency market. Bitcoin, for one, stood around $16,500 on January 1. After a quiet first few days, it began to add value and broke above $17,000 earlier this week.
However, that was just the start, as the asset kept breaking into forgotten ground in the following days and finally reached $20,000 late last night.
It continued climbing and jumped to $21,240 (on Bitstamp) for the first time since the FTX collapse unfolded at the beginning of November.

BTCUSD. Source: TradingView

Several altcoins have skyrocketed even more in the past 24 hours. Solana has stolen the show with a massive 40% rally, driving it to a multi-month high of its own at above $23.
Polkadot (20%), Shiba Inu (14%), Ethereum (10.5%), Cardano (11%), Dogecoin (11%), Polygon (10%), and OKB (10%) are just some of the examples of double-digit price gainers.
This has resulted in the overall crypto market cap nearing $1 trillion for the first time in months on CoinMarketCap.
Short traders have felt the pain of this impressive rally, according to CoinGlass. The total value of liquidated positions in the past day stands at $650 million, but $590 million are from shorts.
More than 110,000 traders have been wrecked in the same timeframe, with the largest single order happening on Huobi, which was worth over $6.5 million.

The post $600M Shorts Liquidated as Bitcoin Skyrockets to $21K appeared first on CryptoPotato.

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