The crypto market sees explosive gains, with altcoins surging double digits and over $800 million in short positions liquidated.

Ethereum surges past $2,000 with strong institutional demand, while altcoins like Dogecoin and Cardano also see significant gains.

The crypto market is showing signs of a strong recovery, with altcoins leading an explosive rally that wiped out more than $800 million in short positions.

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While Bitcoin price hovers near the critical $100,000 level, it’s the altcoins that are grabbing headlines, delivering double-digit gains and triggering a wave of crypto liquidations not seen since 2023.

Several key factors are fueling this crypto market recovery:

Rising Ethereum Price Hits New Highs

Ethereum (ETH) saw a 20% surge, reclaiming the $2,000 mark for the first time since March. The spike triggered over $310 million in liquidations tied to ETH short positions, according to Coinglass.

The surge is largely credited to renewed institutional momentum and growing excitement around Ethereum’s Pectra upgrade.

Dogecoin, Cardano, and Solana Follow Closely Behind

The altcoin rally didn’t stop with ETH. Dogecoin (DOGE) and Cardano (ADA) each soared over 10%, while Solana (SOL), XRP, and Binance Coin (BNB) also posted gains of at least 7%.

These rapid price movements blindsided bearish traders, contributing to the largest daily crypto liquidation event this year.

According to coinalyze data, More than 84% of liquidations on Thursday were from short positions, marking a brutal day for bearish traders. The $800 million liquidation wave is the largest since the $500 million short squeeze in April, highlighting the current bullish momentum.

The crypto market now shows signs of strong risk appetite. As macroeconomic uncertainty lingers, traders remain watchful—but current momentum suggests bulls have reclaimed dominance, at least in the short term.

If Bitcoin decisively crosses the $100K barrier, the next phase of this crypto market recovery could see even more explosive gains.

Stay tuned for the latest developments in the world of crypto!