Ethereum Bear Liquidated For $23M As ETH Eyes $3,000, BTC Makes New ATH

Bears shorting the market remain on the wrong side of the spectrum as almost all cryptocurrencies are posting more gains since Donald Trump won the 2024 US presidential election.

In the last few hours alone, BTC hit a new high of over $77,000, while ETH is nearing $3,000, and one whale in particular was caught off guard on BitMEX.

It’s been a pretty spectacular week for the cryptocurrency market. It all started when it became clear that Trump will be the next president of the United States on Wednesday morning. Bitcoin, which has this time been praised by the Republican candidate during his campaign, led the charge and broke its all-time high of $73,737 on Wednesday.

That was just the beginning for the biggest digital asset, as it continued to rally after the Fed rate hike yesterday to hit an all-time high of $76,800. After a brief pullback today, BTC went back on the offensive hours ago and broke above $77,000 for the first time. Data from CoinGecko shows that its current all-time high is $77,020.

But altcoins are no longer far behind. Ethereum has woken up from its sluggish summer and has soared 19% on a weekly basis. As such, ETH is near $3,000 for the first time in over three months.

Data from CoinGlass shows that these price increases have resulted in over $260 million in liquidations over the past day. More than 90,000 overleveraged traders have been wiped out, while the largest position occurred on BitMEX and it was a large one.

Interestingly, this time the whale in question had shorted Ethereum, unlike the previous BTC bear earlier this week. The value of the wrecked position is close to $23 million.

Liquidation heat map. Source: CoinGlass SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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