U.Today – The cryptocurrency market, especially the price of digital assets, continues to be in hot pursuit. For example, after significant price fluctuations in the past 24 hours, total liquidation in the perpetual futures sector reached $1.24 billion, one of the largest this year.
Of course, the main focus was on (BTC) as the leading cryptocurrency. According to CoinGlass, BTC's roller coaster price swing from a high of $106,500 to a low of $99,651 was most painful for traders with $261 million worth of margin positions.
Of course, most of this was a hefty $161 million, with another $100 million “donated” by bears who made poor investment decisions.
But fast forward 12 hours later, and the prices of major cryptocurrencies were already above their all-time highs. More importantly, it hit an all-time high of $109,588, according to Binance data.
Given the series of events that occurred last weekend, it was highly doubtful whether Bitcoin would reach new all-time highs. But here we are.
What happens next remains a mystery. Too many questions, few answers. First of all, does the fact that BTC hit a new all-time high change the bearish sentiment that has been driving crypto prices the most this month?
Conventional wisdom holds that when market liquidations reach the $1 billion region, it usually means a reset and a fresh start. However, as everything takes on new and more sophisticated forms, the way we view and interpret such marks may need to change as well.
