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Ethereum’s rally above $3,100 triggered around $800 million in crypto liquidations in the past 24 hours, with more than 134,000 traders caught off guard by the sharp market move.
Meanwhile XRP reaches a new all-time high.
Key Details:
- Total crypto liquidations: $547.45 million
- Traders liquidated: 134,732
- Largest single liquidation: $8.37 million on Bybit (BTCUSD pair)
- ETH price: $3,129 (up 3.86%)
- BTC price: $117,595 (down 1.84%)
The majority of liquidations were from long positions, totaling $361.53 million, while shorts accounted for $185.92 million. Ethereum traders faced the largest share of losses at $23.51 million, followed by Bitcoin at $2.54 million.
Exchange Breakdown
- Binance: $18.10 million liquidated (66.19% short positions)
- Bybit: $11.29 million (67.49% short)
- OKX: $10.50 million (81.77% short)
- HTX: $8.25 million (96.6% short)
- Gate: $6.60 million (80.27% short)
The surge in ETH appears linked to a rotation of capital from Bitcoin into altcoins, with Ether showing strength in both USD and BTC pairings. ETH/BTC broke above its 200-day moving average for the first time in a year.
ETH Outperforms BTC
- ETH regained $3,000 for the first time since February 1
- ETH/BTC broke a three-year downtrend in relative strength index (RSI)
- Ethereum has rebounded 100% since Q2 lows
Bitcoin’s Correction
- BTC dropped 5% after touching $120,000
- CME futures gap between $114,380 and $115,630 remains unfilled
- Whale activity spiked on Binance, increasing sell pressure
With 98% of BTC supply in profit and increased profit-taking from long-term holders, analysts warn of continued volatility. Some predict Bitcoin may correct further to $108,000 while Ethereum continues its lead in the altcoin market.
XRP Sets New Record
XRP surged to a new all-time high of $3.64 on July 18, climbing more than 18% in a single day. The move pushed XRP’s market cap past $207 billion, making it the third-largest cryptocurrency by valuation.
While XRP continues its surge, analysts are monitoring for possible short-term resistance near $3.80. Sell-offs totaling $1.7 billion in the past 10 days suggest traders may take profits if volatility returns.
This article is published on BitPinas: Ethereum Pushes Past $3,500 as XRP Reaches New All-Time High
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