Bitcoin and Ethereum Record Significant Price Gains, Triggering a Cascade of Liquidations

Bitcoin and Ethereum recorded significant price gains in the past 24 hours, triggering a cascade of liquidations that cleared over $1 billion from the market.

Bitcoin and Ethereum (BTC, ETH) price gains in the past 24 hours have seen a billion dollar in liquidations.

Bitcoin price rose to a 15-month high of $104,000 early on April 27, sparking a wave of liquidations as traders who bet against the world’s largest cryptocurrency were rapidly wiped out.

Bitcoin price dropped slightly from the session’s high to trade around $103,000 at the time of writing. The asset is testing key price levels after a sustained period of consolidation.

Its price had remained above $90,000 for nearly two weeks, and it recently surpassed $100,000 for the first time since early February.

According to CryptoSlate’s data, the asset is now poised for further bullish action as it encounters another key milestone.

Bitcoin price climbs above $100k again, reaches highest since February 2022

Bitcoin price breached $100,000 again to reach a 15-month high of $104,000. The cryptocurrency’s price touched the new high at around 07:00 UTC.

Its price dropped slightly from the session’s high to trade at $103,000 at the time of writing.

The world’s largest cryptocurrency is testing key price levels after a sustained period of consolidation in recent months, presenting a strong performance.

Its price had remained above $90,000 for nearly two weeks, and it recently surpassed $100,000 for the first time since early February.

This marks one of Bitcoin’s strongest technical performances in recent months, showcasing renewed investor momentum.

Highlighting the price spike, blockchain analytics firm Santiment noted an increased level of activity on the Bitcoin network.

Over 344,000 new Bitcoin wallets were created during the period of the price surge. The surge in new users signals a high level of interest in Bitcoin.

This could be driven by FOMO as Bitcoin is quickly increasing its share of the crypto market cap.

Ethereum price surges 25%, liquidations hit $1 billion

Along with Bitcoin, ''s native token also saw significant gains.

ETH price soared 25% to reach $2,486, its highest level since March. This indicates a strong market-wide recovery across top-tier crypto assets.

However, the sudden upswing triggered widespread liquidations, mainly from traders who had placed bets against the market.

According to CoinGlass data, short positions accounted for over 80% of total liquidations, amounting to more than $800 million.

Meanwhile, long positions encountered $272 million in losses.

Ethereum sustained the highest liquidations with $307 million from shorts and $122 million from longs.

Bitcoin followed closely with $332 million in long and $31 million in short liquidations.