CoinGlass data showed that $694 million in crypto bets was wiped out in the last 24 hours as the cryptocurrency market recovered.
- Cardano, Dogecoin, and Ethereum led gains among major cryptocurrencies, outperforming Bitcoin during a broad market rebound.
- Bitcoin rose about 3.2% over the past 24 hours, trading near $95,000 after briefly topping $96,000.
- Analysts are watching technical levels to determine whether Bitcoin’s rebound can hold.
Cardano (ADA) led gains among crypto majors, followed by Dogecoin (DOGE) and Ethereum (ETH) as the cryptocurrency market recovered to $3.3 trillion.
Bitcoin (BTC) gained around 3.2% in the last 24 hours, trying to hold ground at $95,000, after the cryptocurrency crossed the $96,000 mark on Tuesday for the first time since November. Bitcoin’s price was trading at around $94,900 on Wednesday morning, with analysts watching for more signals before deciding if it’s a definitive recovery.
Retail sentiment around the apex cryptocurrency on Stocktwits flipped to ‘bullish’ from ‘bearish’ over the past day, while chatter remained at ‘normal’ levels.
Cardano, Dogecoin, Ethereum Lead Crypto Majors
Cardano’s price rose more than 6% to $0.1456 in the last 24 hours, amid the broader rally seen in the crypto market. Despite being an outperformer, retail sentiment around the token remained in ‘neutral’ territory over the past day.
Dogecoin’s price gained 5.3% in the last 24 hours to hit $0.1464. The meme coin saw a mild improvement in sentiment to ‘neutral’ from ‘bearish’ territory over the past day. Meanwhile, Ethereum’s price moved 5.2% higher, fighting to keep above $3,300. Retail sentiment around the leading altcoin moved to ‘bearish’ from ‘extremely bearish’ as chatter increased to ‘normal’ from ‘low’ levels.
Binance Coin (BNB) and Ripple’s native token XRP (XRP) gained around 3% each. Solana (SOL) rose 1.7% while Tron (TRX) gained 1.1%.
Crypto Liquidations Near $700 Million
According to crypto investor Lark Davis, Bitcoin's 200-day exponential moving average (EMA) is the next key metric to watch to see whether its gains will sustain.
CoinGlass data showed that $694 million in crypto bets was wiped out in the last 24 hours as the cryptocurrency market recovered. Most of the liquidations came from short bets, amounting to around $589 million. Bitcoin and Ethereum traders were hardest hit with $292 million forced unwinds on BTC and $221 million on ETH.
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