In a notable shift within the cryptocurrency market, Ether and Solana’s performance contributed to a broader rally on Friday, prompting a squeeze on bearish traders and pushing Bitcoin closer to the $62,000 mark. This surge marked the market’s first significant week of recovery since mid-June.
As per CoinDesk data, Bitcoin was trading around $61,360, reflecting a 2.5% increase over the past week. Ether experienced a substantial 4.2% rise within just 24 hours, reaching approximately $1,702, and showing a notable weekly gain of 9.7%. Solana emerged as a standout performer with a weekly increase of 18.6%, stabilizing near the $80 mark.
Additionally, XRP also saw positive momentum, rising 5.7% over the week to reach $1.09. In the decentralized finance space, Hyperliquid’s HYPE tokens gained 5.1% in just one day.
The market pressure appeared to significantly impact traders who had bet against crypto assets, leading to liquidations totaling $281 million over the last 24 hours. In contrast, short positions accounted for $159 million of this total among approximately 95,690 affected traders, based on data from Coinglass. When short positions are liquidated, traders must buy back the underlying asset, contributing to upward price pressure that can accelerate into a broader market squeeze.
Notably, the largest single liquidation experienced was an $18.2 million Ether position on Hyperliquid. This event underscored a day where Ether was particularly damaging to short sellers, with total wiped positions amounting to $157 million in Ether compared to $103 million for Bitcoin, marking an unusual shift in market dynamics.
