Crypto Shorts Get Rekt as Bitcoin, Ethereum and XRP Rise to Weekly High Prices

A notable development has hit the crypto markets. Major cryptocurrencies are broadly in the green Thursday with Bitcoin, Ethereum, XRP, and other top coins showing gains as crypto liquidations climb—with short positions making up the majority of the carnage. Bitcoin topped the $62,000 mark Thursday morning for the first time in more than a week, rebounding to $62,078 after falling to a 21-month low under $58,000 earlier in the week.

At a recent price of $61,808, Bitcoin is up about 3% on the day and 4% in the last week. Other major cryptocurrencies are showing similar gains, with Ethereum and Solana both up nearly 5% on the day, hitting recent prices of $1,701 and $81 respectively.

Market Dynamics

Solana is the biggest gainer among the top 10 cryptocurrencies in the last week, rising more than 22% during that span. XRP is up more than 3% on the day at a recent price of $1.

Crypto liquidations have surged to $602 million over the last 24 hours, per data from CoinGlass, with Ethereum flipping Bitcoin to become the biggest contributor with $187 million in liquidations compared to $184 million for BTC. Overall, short liquidations make up $400 million of the pile.

Crypto markets are watching this development closely as investors weigh its potential impact on prices.