Ethereum and Solana Surge Amid Bitcoin’s 50,000 Dollars Rally, Triggering 184 Million Dollars in Liquidations

Crypto News- Bitcoin’s surge past the $50,000 mark sparked a widespread rally across the crypto market, driving notable gains for alternative digital assets like Ethereum (ETH), Solana (SOL), and others.

Data from CryptoSlate reveals Ethereum’s impressive 7% climb, reaching $2,661, while SOL surged by 8% to hit $114. Among the top 10 digital assets, Avalanche’s AVAX spiked by 6% to $41, Cardano’s ADA rose by 3.74% to $0.5574, and both BNB Coin (BNB) and Ripple’s XRP experienced more modest gains, each climbing by less than 3%.

Ethereum and Solana Surge Amid Bitcoin’s 50,000 Dollars Rally, Triggering 184 Million Dollars in Liquidations

Market analysts attribute this bullish momentum to the excitement surrounding the various spot Bitcoin exchange-traded funds (ETFs) in the US. Vetle Lunde, a senior analyst at K33 Research, highlighted the sustained strong inflows into these ETFs more than a month after their debut. BTC’s price crossed the $50,000 threshold for the first time since late 2021, marking a 4.2% increase to $50,146 as of press time, extending its positive trend which saw a 16% gain over the past week.

The market’s upward surge, however, led to significant liquidations totaling over $184 million from more than 56,000 traders, as reported by Coinglass data.

Crypto Market Soars as Bitcoin Tops 50K Dollars: 184M Dollars in Liquidations Reported

Short traders, those betting against price increases, incurred losses totaling $134 million, while long traders, betting on price increases, lost around $50 million.

Bitcoin dominated the liquidation charts, with a total loss of $69.80 million. Short Bitcoin traders accounted for $55.04 million in losses, while long traders lost $14.76 million. Ethereum closely followed, contributing $39.85 million to the overall liquidation.

Other assets like Solana, LINK, and ORDI also experienced liquidations amounting to $10.14 million, $5.93 million, and $4.81 million, respectively.

Among exchanges, Binance saw the highest proportion of liquidations at 43.13%, totaling $79.42 million. Other platforms such as OKX and ByBit recorded liquidations of $58.29 million and $18.73 million, respectively.