The crypto market recovery is in full swing, with altcoins leading an explosive rally that wiped out more than $800 million in short positions. Traders are brushing off recession concerns, as renewed optimism around a potential U.S.–UK trade deal and surging institutional activity breathe fresh life into the market.
While Bitcoin hovers near the critical $100,000 level, it’s the altcoins that are grabbing headlines, delivering double-digit gains and triggering a wave of crypto liquidations not seen since 2023.
Several key factors are fueling this crypto market recovery:
Ethereum (ETH) surged 20%, reclaiming the $2,000 mark for the first time since March. The spike triggered over $310 million in liquidations tied to ETH short positions, according to Coinglass. The surge is largely credited to renewed institutional momentum and growing excitement around Ethereum’s Pectra upgrade.
The altcoin rally didn’t stop with ETH. Dogecoin (DOGE) and Cardano (ADA) each soared over 10%, while Solana (SOL), XRP, and Binance Coin (BNB) also posted gains of at least 7%. These rapid price movements blindsided bearish traders, contributing to the largest daily crypto liquidation event this year.
According to coinalyze data, More than 84% of liquidations on Thursday were from short positions, marking a brutal day for bearish traders. The $800 million liquidation wave is the largest since the $500 million short squeeze in April, underscoring the current bullish momentum.
The crypto market now shows signs of strong risk appetite. As macroeconomic uncertainty lingers, traders remain watchful—but current momentum suggests bulls have reclaimed dominance, at least in the short term. If Bitcoin decisively crosses the $100K barrier, the next phase of this crypto market recovery could see even more explosive gains.
The market is up due to record ETF inflows, pro-crypto legislation, and macroeconomic tailwinds like a potential U.S.–UK trade deal.
Ethereum surged due to renewed institutional momentum and excitement around its Pectra upgrade, pushing its price above $2,000.
States like Missouri passed crypto-friendly laws, including tax exemptions on gains, encouraging more Bitcoin investment.
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