Bitcoin surges past $103k, triggering $900M liquidations; altcoins follow suit in market rebound - IcoHolder.
Bitcoin's price soared past $103,000, sparking a massive wave of forced liquidations, with over $900 million worth of positions liquidated in just 24 hours. This marks a dramatic 200% increase in liquidations compared to the previous day, as reported by Coinglass. Among these liquidations, Bitcoin shorts accounted for a substantial $321 million.
The sharp price increase comes amid a broader market rebound, as risk-on sentiment returned to global markets. As a result, the total value of the cryptocurrency market surged to $3.3 trillion, its highest point since early March. During Friday's Asian trading hours, Bitcoin peaked at $103,460, marking a 6% rise over the last 24 hours.
The surge in Bitcoin was accompanied by significant gains in other major cryptocurrencies. Ethereum led the altcoin rally, climbing over 20% to reclaim the $2,200 level for the first time in two months. Solana and XRP also saw gains, rising 8% and 6%, respectively.
This market boost was driven by renewed optimism in international markets following hints of a tentative U.S.-U.K. trade agreement, announced by President Donald Trump on May 8. Despite the Federal Reserve's decision to leave interest rates unchanged on May 6, market expectations remain high, with the CME FedWatch tool indicating a 70% chance of a rate cut by July and a 95% probability of at least one rate cut by October.
On-chain data further indicates growing confidence in Bitcoin, with its Realized Cap reaching a new all-time high of $890.7 billion, marking the third consecutive week of record growth. This metric, which tracks the total capital invested in Bitcoin based on recent price movements, highlights the ongoing accumulation trend among both short- and long-term holders.
Despite the bullish sentiment, caution remains prudent. Santiment noted that Bitcoin’s breakthrough above the $100,000 mark has attracted considerable retail attention, which could signal an impending local top as excessive optimism sometimes precedes price corrections.
