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The volume of short liquidations on Ethereum renewed highs amid the rise in the rate to $ 3500

The cumulative volume of liquidations of short positions in derivatives on Ethereum has reached a new record. The impetus for this was the rise in the price of the second largest cryptocurrency by capitalization to a new all-time high above $ 3500.

According to CoinGecko, over the past day, the Ethereum rate has grown by 12.7%, and its capitalization has reached $ 405 billion. Over the past seven days, the asset has risen in price by 39%.

According to Bybt, the daily volume of liquidations of positions on financial instruments based on Ethereum amounted to $ 585.8 million. The largest one occurred on the Huobi exchange – a position was closed there for $ 74.5 million. For comparison: the total figure for bitcoin for the same period was $ 457.8 mln.

According to the head of CryptoQuant, Ki Yoon Joo, the number of Ethereum transactions entering the exchanges, but the indicator is far from the records of 2018.

โ€œLess deposits, more withdrawals across all exchanges. Selling pressure is significantly lower than at the peak of the previous bull market. I do not know how much it will roll back, but it is clear that sales are much weaker than in 2018 “, – said the researcher.

On the Deribit derivatives exchange, for the first time in history, the volume of Ethereum options trading exceeded the corresponding figure for Bitcoin – $ 1.32 billion versus $ 879.5 million.

At the end of April, this ratio was 4.1 times higher for the first cryptocurrency – $ 33 billion versus $ 8 billion.

Data: Skew, The Block.

Recall that the growth of Ethereum above $ 3000 brought its co-founder Vitalik Buterin into billionaires.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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