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The crypto market is roaming in a highly volatile zone as long liquidations start to rise. Bitcoin and Ethereum have both entered the overbought zone. 
According to data provided by Coinglass, the total crypto liquidations increased by 70% over the past day, reaching $650 million — $366 million longs and $284 million shorts.&nbsp; 
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 <img loading="lazy" decoding="async" width="995" height="461" src="https://crypto.news/app/uploads/2024/11/Screenshot-2024-11-11-125651.png" alt="Crypto liquidations reach $650m; BTC, ETH enter the overbought zone - 17" class="wp-image-14309558">
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 Crypto liquidations | Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="nofollow">Coinglass</a>
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</figure> 
Only a few rising tokens, including Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>), saw heightened short liquidations — the majority of the crypto assets have already been recording long liquidations. This suggests a potential market-wide cooldown as the highly volatile sector is showing signs of overheating. 
Bitcoin saw $122.1 million in liquidations —$37.5 million longs and $84.6 million shorts — per Coinglass data. This was majorly due to the flagship asset’s rally to a <a href="https://crypto.news/bitcoin-hits-new-ath-surpassing-1-6t-market-cap/" target="_blank">new all-time high</a> of $81,858 with a $1.6 trillion market cap today. 
Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>), on the other hand, registered $91.2 million in liquidations over the past day — $56.7 million longs and $34.5 million shorts, according to Coinglass. The leading altcoin has already started its downward momentum from its three-month high of $3,241. 
The majority of the liquidations, worth $262 million, happened on Binance, the largest crypto exchange by trading volume. Of this tally, 59% are long positions.&nbsp; 
Data from Coinglass shows that the total crypto open interest gained 1.13% over the past day and is currently sitting at $91.9 billion. The global cryptocurrency market cap also reached a three-year high of $2.9 trillion with a trading volume of over $300 billion. 
 You might also like: <a rel="" href="https://crypto.news/shib-wif-goat-capitalize-on-doge-rally-to-3-year-highs/"> SHIB, WIF, GOAT capitalize on DOGE rally to 3-year highs </a> 
<h2 class="wp-block-heading" id="bitcoin-ethereum-rsis-rising">Bitcoin, Ethereum RSIs rising</h2> 
Bitcoin’s <a href="https://crypto.news/bitcoin-hits-new-all-time-high-how-long-until-300000/" target="_blank">surge above</a> the $80,000 mark put it in the overbought zone as its Relative Strength Index reached 75. This usually happens when a sudden price surge happens, increasing the possibility of short-term profit-taking. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/11/Bitcoin-BTC-13.38.53-11-Nov-2024.png" alt="Crypto liquidations reach $650m; BTC, ETH enter the overbought zone - 18" class="wp-image-14309559">
 <figcaption class="wp-element-caption">
 BTC and ETH prices and RSIs | Source: <a href="https://app.santiment.net/charts/QcBcAUOE__sCl" target="_blank" rel="nofollow">Santiment</a>
 </figcaption>
</figure> 
Ethereum witnessed a similar movement as its price surpassed $3,200 — the ETH RSI is currently at 74. 
The leading altcoin declined 1% in the past 24 hours and is trading at $3,150 at the reporting time. One major reason would be the start of long liquidations. 
High volatility would be expected in the market before another major push due to the increasing open interest, liquidations and trading volume. 
Gemini co-founder Cameron Winklevoss <a href="https://crypto.news/bitcoins-rally-to-80k-not-driven-by-retail-fomo-geminis-winklevoss-says/" target="_blank">believes</a> that the bull run has not been triggered by retail investors. On the other hand, CryptoQuant CEO Ki Young Ju claimed that the futures market has “overheated” and might hint at a bearish 2025 ahead. 
 Read more: <a rel="" href="https://crypto.news/ftx-tied-alameda-research-files-lawsuit-against-waves-founder/"> FTX-tied Alameda Research files lawsuit against Waves founder </a>

Crypto liquidations reach $650m; BTC, ETH enter the overbought zone

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