Things are beginning to go in favor of the bulls as the prices of cryptocurrencies surge.
Data on Coingecko suggests that the total crypto market capitalization is up 5% as a result of an increase in the prices of digital currencies like bitcoin, ethereum, and dogecoin, among others.
While the current market that has ushered in surging prices for most cryptos seems to be in favor of the bulls, bears of the second-largest cryptocurrency, Ethereum, are left scratching their heads, as their losses have spiked within this period.
The amount of liquidation suffered by short traders of Ethereum Futures Contracts has reached a new high in the last five months.
According to data published by on-chain crypto metric provider Glassnode, Ethereum Futures Contract for short positions on cryptocurrency exchange OKEx has reached a five-month high of $19,377,123.52.
? #Ethereum $ETH Futures Contracts Short Liquidations just reached a 5-month high of $19,377,123.52 on #Okex
Previous 5-month high of $15,405,113.33 was observed on 15 December 2021
View metric:https://t.co/w9FK3xEiaN pic.twitter.com/Qtz7Rajblv
— glassnode alerts (@glassnodealerts) February 4, 2022
The current value surpassed the previous five-month high of $15,405,113.33 that was recorded on December 15, 2021.
Recall that Ethereum, like other cryptocurrencies in the market, has suffered a significant dip since the beginning of the year.
The second-largest cryptocurrency, which peaked at $4,878 in November 2021, has fallen over 50% from its all-time high throughout last month’s market dip.
In the last two weeks, Ethereum traded around $2,215, which apparently seems to be in the favor of bear traders who opened several short positions across various trading platforms.
Interestingly, the coin has surged 17.7% in the last seven days to reach $2,862.25 today.