Collins J. Okoth
The crypto market is witnessing a weekend pump that indicates retail investors have shared interests and participation in the digital asset industry. BTC recently surged above the $79,000 level and marked a new all-time high of $79,788. On the other hand, Ether is up 30% in the last seven days, while ADA and DOGE have recorded double-digit gains in the last seven days.
According to Binance, BTC’s price has sliced through the $79k level and recorded a new all-time high of $79,788. The asset’s price has extended its seven-day gains by 15% through its 3% gain in the last 24 hours. BTC’s 24-hour trading volume sits at around 592,400 BTC, equivalent to $46.7 billion at the time of this writing.
Crypto weekend pump fuels BTC’s hike to new all-time highs
The recent crypto upsurge occurred during the ongoing weekend pump as retail traders joined the bandwagon. Weekend pumps are typically classified as bullish signals by analysts since they indicate increased trading activities from retail investors in the absence of most institutional investors.
According to data from CoinGlass, the recent upsurge witnessed in the crypto arena has caused liquidations from 132,317 people worth $384 million. A total of $105 million was liquidated from long-position orders and $90.6 million from short-position blowouts.
The data also indicates that the largest single liquidation occurred on Binance, the world’s largest crypto exchange by volume. The liquidation, valued at $13.1005 million, occurred on Binance’s listing pair BTC/USDT.
Binance tops CoinGlass’ list of top centralized crypto exchanges with the largest liquidation amount. The exchange has a liquidation amount of $34.7 million. OKX follows with a liquidation amount of $21.3 million, while Bybit trails closely in third position with liquidations worth $20.7 million. HTX, BitMEX, and CoinEx exchanges follow with $15. million, $14 million, and $4.6 million in liquidations, respectively. Bitfinex is last on the chart with $323k in liquidations.
Cardano and Dogecoin claim top performers’ spots with double-digit seven-day gains
Dogecoin and Cardano are the top performers among the top ten largest crypto projects by market cap. Dogecoin soared by 7% in the last 24 hours, securing a seven-day gain of 50.16%. Cardano’s ADA has risen by 32% in the last 24 hours and is up 70% in the last seven days.
On the other hand, Ethereum has registered a 5.34% gain in the last 24 hours, widening its seven-day uptick by 30%. Ether is trading at $3,187 with a market cap of $383 billion and a 24-hour trading volume of $32 billion. Solana has risen 25% in the past seven days after a 2% rise in the last 24 hours.
Analysts have differing opinions on what is happening in the markets. However, many of them agree that the overall sentiment in the crypto industry is bullish. According to a Bitcoin analyst with the pseudonym Checkmate, the distance between Bitcoin’s price and the 200DMA is still “cooled off,” and the asset is near the long-term average. The analyst also highlighted that BTC has plenty of room to run on the upside.
