Crypto Market Turns Bullish As Bitcoin (BTC) Surges Above $23K

Crypto Market Turns Bullish As Bitcoin (BTC) Surges Above $23K

After a week of losses, crypto prices have started to turn higher on the last day. The total market capitalization of all cryptocurrencies has increased by around 7.15% in the last 24 hours. Currently, the world’s largest cryptocurrency with a market cap of over $438 billion, Bitcoin, is up by 7.3%.

Short Bitcoin, Ethereum Positions Liquidated

Despite the positive developments in the market, Bitcoin is still down over 66.65% from its all-time high. On the other hand, Ethereum has gained around 11% in the last 24 hours. With a market cap of around $197 billion, ETH is the second-largest cryptocurrency by market cap.

The leading blockchain for smart contracts is currently trading at around $1,614, down 66.69% from its all-time highs in November 2021. According to data from Coinglass, almost 88,140 traders were liquidated in the past 24 hours. Most of these traders were shorting various cryptocurrencies leading to a loss of $273.87 million.

The leading cryptocurrency in liquidations is Ethereum, with over $165.52 million wiped out. Bitcoin followed with over $116 million in liquidation. Ethereum Classic also lost money, with over $31 million wiped out.

Meanwhile, DeFitokens, such as Uniswap, Synthetix, and Lido, have also seen significant gains at 23%, 24%, and 37%, respectively. Some other notable blockchains that have seen positive price movement include Bitcoin Cash and Ethereum Classic at 28% and 23%, respectively.

The price of Bored Ape’s yacht club token, APE, has also increased by 20%. The move is similar to the price hike that Polygon experienced by 16%. MATIC’s momentum was further boosted by Polygon’s announcement of an ETH upgrade. Developers also revealed that the company is a part of Disney’s accelerator program and has further boosted the price.

The development and left-and-right collaborations have contributed to the rise of MATIC’s price. Since its inception, the token has been one of the most prominent performers in the cryptocurrency market.

Ethereum Whales Buy More Shiba Inu 

Despite the bear market, many investors bought Shiba Inu. The cryptocurrency price recovered after the Federal Reserve released its monetary policy.

Despite the price of Shiba Inu going down by 90% in the past year, whale investors were still able to scoop it up. Large investors on the network bought the dip in the cryptocurrency, which increased their holdings. According to data from WhaleStats, the Shiba Inu network is one of the largest non-Ethereum pools in the world.

The Shiba Inu token is the biggest cryptocurrency in the top 100 whales’ portfolios on the Ethereum network. Earlier this week, the popular whale “Gimli” acquired 386 billion Shiba Inu and added it to his portfolio.

Since the price of Shiba Inu started to decline during the past year, Gimli has been adding new Shiba Inu tokens to his portfolio. He is one of the top two whale investors that added to the cryptocurrency through the dip in the market.

Tezos Hints At Bearish Movement

However, not all crypto tokens were on the gaining side. The Tezos price fell sharply last week due to the increasing pessimism surrounding the issue. Analysts initially expected the coin to break through its ascending trendline, which it did on July 26. However, the price managed to bounce back and is currently trading above its support line. XTZ’s volume is still relatively low, and the Relative Strength Index is not giving us bullish signals.

Traders will only dismiss the negative thesis regarding the Tezos stock once the price breaches above $1.61. If the bulls push the price above this zone, it can reach a high of $1.65 within the next couple of days. Currently, XTZ is trading around $1.60, about a 7% gain from its previous price. Despite the recent stock price rise, the company’s outlook remains negative.

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Adam Robertson

Adam is outgoing young lad who likes adventures and discovering new things. Despite his boring life, He loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.