Bitcoin went through another considerable increase in the past hour, breaking through the major psychological level of $30,000 for the first time in history. The cryptocurrency set a new all-time high as bearish traders are left in despair with millions of liquidations in just an hour.
$120 Million Short Positions Liquidated Across the Board
Of course, this doesn’t all come from Bitcoin, but the bulk of it is from it. A total of $128 million in both short and long BTC positions were liquidated, more than 95% of which is for short trades.
Leading the way is Binance, which doesn’t really come as a surprise. Huobi, Bybit, and OKEx trail behind.
Interestingly enough, almost all of the liquidated positions on BitMEX are short, accounting for 99.91%.
The total trading volume for the past 24 hours is currently sitting at around $167 billion, whereas the market cap increased to about $791 billion.
Bitcoin Price Discovery Yet Again
While most traders have grown somewhat accustomed to this fact, it’s important to note that bitcoin’s price is once again in uncharted territories since it has never traded at a point higher than that.
It’s important to remain particularly vigilant and careful because, in periods of this, high volatility is usually the case.
At the time of this writing, Bitcoin is trading at around $30,700, making many traders optimistic. Popular analyst and crypto trader Koroush AK pointed out that $100,000 seems like a conservative target for 2021, given the rate at which BTC accelerates.
At this rate $100,000 is a conservative 2021 target.
— Koroush AK (@KoroushAK) January 2, 2021
As CryptoPotato reported earlier, well-known Bitcoin permabull and renowned analyst Tom Lee, predicts that BTC will hit $120,000 during this year.