Ethereum

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Bitcoin and Ethereum witnessed yet another phase of short liquidations, bringing bullish momentum to the assets. 
According to data provided by Coinglass, the total crypto liquidations reached $138.23 million as bullish sentiment dominates the market. Of this tally, over $95 million has been liquidated from short trading positions, showing a 71% dominance over long positions.&nbsp; 
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 <img loading="lazy" decoding="async" width="996" height="462" src="https://crypto.news/app/uploads/2024/10/Screenshot-2024-10-21-114233.png" alt="BTC, ETH surged thanks to another wave of short liquidations - 19" class="wp-image-14304908">
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 Crypto liquidations map – Oct. 21 | Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="nofollow">Coinglass</a>
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</figure> 
Increased <a href="https://crypto.news/145m-in-short-liquidations-pumped-bitcoin-altcoins/" target="_blank">short liquidations</a> usually create buying pressure. 
Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) is leading the chart with $27.69 million in liquidations—$23.84 million shorts and $3.85 million longs. ETH gained 3.1% in the past 24 hours and is trading at $2,730 at the time of writing.&nbsp; 
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Its daily trading volume rallied by 117%, reaching $17.4 billion, as investors interest increases. 
Notably, the largest single <a href="https://crypto.news/trader-lost-11m-in-eth-total-liquidations-surpassed-220m/" target="_blank">liquidation</a> order was executed on Binance, the largest crypto exchange by trading volume, and was worth $6.64 million in the ETH/USDT pair. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) takes the second spot with $25 million in liquidations—$21 million shorts and $4 million longs. This caused the BTC price to reach a four-month high of $69,460 earlier today. Despite the latest correction, Bitcoin is still up 0.45% over the past day and is changing hands at $68,700 at the reporting time. 
The flagship crypto asset saw a 74% surge in its daily trading volume, currently at $24 billion.&nbsp; 
The global crypto market cap has also reached a three-month high of $2.49 trillion as the majority of the leading <a href="https://crypto.news/tag/altcoin/" target="_blank">alt-coins</a> record bullish gains, according to <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">data</a> from CoinGecko.&nbsp; 
If long positions start to liquidate, it could potentially create significant selling pressure as traders would try to minimize their losses. 
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BTC, ETH surged thanks to another wave of short liquidations

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