Crypto markets saw a big boost recently, with the total value of all digital currencies reaching an impressive $1 trillion.
A huge wave of “short” bets against crypto were wiped out over the weekend, with a staggering $500 million disappearing.
This is the most we’ve seen since October 2022.
Over 70% of crypto traders lost money as exchanges closed their leveraged positions. This is where the biggest losses were seen (according to CoinGlass data):
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- OKX traders lost $256 million
- Binance traders lost $125 million
- Huobi traders lost $42 million
The APT token (Aptos) saw a surprising $10 million in liquidations, even as the price of the token doubled in the last week.
According to CoinmarketCap, major digital currencies have seen an average increase of 20% in the past week.
- Bitcoin rose 22% to over $21,000,
- Ether climbed almost $1,600
- Solana skyrocketed 70% – trading at $24 on Monday compared to $9 just a week ago.
The recent surge in cryptocurrency values wasn’t completely without reason, as the technology behind some of the major tokens saw positive developments.
Many of the recent spikes in cryptocurrency values can be attributed to strong activity on the underlying networks.
Cardano’s ADA token and Solana’s SOL token both saw big boosts thanks to high transaction volumes.
Additionally, Ethereum’s upcoming upgrade in Shanghai and Polygon’s planned hard fork this week have also helped to drive up their corresponding token prices, with MATIC rising 22% in the past week.