In an unusual shift in the crypto market, Ethereum (ETH) has seen more liquidations than Bitcoin (BTC) in the last 24 hours.
Data from CoinGlass shows that Ethereum had liquidations of $105 million compared to Bitcoin’s $81.4 million. This is the first time this month that liquidations for the second-largest cryptocurrency exceeded those for BTC.
Of the $105 million liquidations, long position traders suffered the most significant losses, worth $56.38 million, while short traders accounted for 48.65 million.
Contrary to the Ethereum liquidations, long Bitcoin traders accounted for only $21.78 million, and short traders recorded $60.06 million. The massive liquidation imbalance that shifted in favor of the short traders is evidence of anticipation for potential price volatility.
This reality may limit the growth of the second-largest cryptocurrency unless BTC shows a breakthrough trend. The price of Bitcoin dropped slightly by 0.04% to trade at $104,423. Still, the price increased by 10.7% in the past seven days.
Journey to Ethereum’s recovery
The second-largest cryptocurrency is currently impressing the market with its price performance. In the last 24 hours, the price of Ethereum increased by 1.8% to $2,564. The altcoin price increased by 41.8% and 60.9% on the weekly and monthly charts, respectively. However, the daily trading volume plummeted by 17.5% to $26.9 billion.
Despite low trading activity, some analysts think ETH could soon hit $3,000. Their expectations are based on factors like whale accumulation, staking activity and technical analysis.
Launching the Pectra upgrade on the mainnet is another key event likely contributing to the latest ETH price spike. As noted in an earlier U.Today report, Cicle’s CEO, Jeremy Allaire, described Pectra as a pivotal improvement for on-chain usability.
