Journalist
Posted:
- BTC and ETH climbed over the $36,000 and $2,000 price range, respectively.
- BTC and ETH positions liquidation lead crypto market liquidations.
On 9th November, Bitcoin [BTC] and Ethereum [ETH] underwent significant price movements, propelling them into new price ranges. Consequently, the market witnessed a substantial increase in liquidations, accompanied by notable shifts in other metrics.
Bitcoin and Ethereum lead liquidations
CryptoRank reported that around $289 million in liquidations occurred across major derivative exchanges in the past 24 hours.
The surge in liquidated positions was mostly driven by Bitcoin and Ethereum, both experiencing monthly highs in prices. While other assets also observed price increases alongside BTC and ETH, the majority of liquidations came from these two assets.
According to Coinglass, the breakdown of liquidated positions revealed that BTC accounted for over $167 million on 9th November. The short positions contributed to a liquidation of more than $127.5 million, while the short position was over $40 million.
Additionally, ETH witnessed a total liquidation of more than $80 million on the same day, per Coinglass.
Short positions liquidation was over $60.3 million, and long positions were over $21 million.
As of the current update, total ETH position liquidation stood at less than $6 million, while BTC’s was below $4 million.
Bitcoin and Ethereum funding rates hit monthly highs
During the period of substantial liquidations in Bitcoin and Ethereum, there was also a noteworthy surge in their funding rates.
An analysis of the Coinglass funding rate data revealed that on 9th November, BTC’s funding rate peaked at 0.02%. This marked the highest positive funding rate for BTC in over seven months.
At the time of this update, the funding rate for BTC remained positive and was around 0.01%.
Similarly, ETH experienced a record-high positive funding rate on the same day. The chart showed that it reached over 0.06%, representing the highest positive rate in more than seven months.
The increase in positive funding rates suggests that traders anticipate a continued upward trend in the prices of Bitcoin and Ethereum.
Consequently, derivative traders are taking long positions in anticipation of further price climbs.
BTC and ETH hit new price ranges
On 9th November, the daily timeframe chart for Bitcoin revealed a 2.75% price increase, with the price climbing above $36,000.
Also, the price went as high as $38,000 during that session. At the time of this update, BTC was experiencing a slight loss of less than 1%. Despite the loss, it continued to trade above the $36,000 price level.
Source: TradingView
Read Bitcoin (BTC) Price Prediction 2023-24
Furthermore, an analysis of Ethereum’s price trend on the same day showed a remarkable surge. The chart analysis indicated a price gain of over 12.30%, surpassing the $2,000 mark.
Notably, this marked the first instance in the year where Ethereum’s price had surged by over 12% within a single trade. As of the current status, Ethereum was undergoing a decline of over 1%, but it maintained a position above $2,000.
Source: TradingView