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Bitcoin surges by almost 9% as buyers flood market

The price of Bitcoin, the world’s largest cryptocurrency, managed to breach the $7k level briefly on 20 March, but was unable to hold the fort. The coin subsequently noted a fall and once again, came to touch the $5,670-mark. However, traders in the Bitcoin market are once again rallying to prop up the value of the coin, an effort evidenced by the fact that the king coin surged by 8.81% in an hour. Bitcoin was priced at $6,287.43, at the time of writing.

Following the price of Bitcoin rising, liquidations worth $18 million got triggered in a single hour on BitMEX. According to Skew, the BTC Futures market has been recording such liquidations in spurts for the past 24 hours now. The last major liquidation took place on 22 March at 2000 UTC worth $12 million, wherein the sell liquidations were high. The highest single transaction liquidation was noted to be worth $10 million.

Following the rise in Bitcoin’s price, Ethereum’s price shot up too, surging by 10.49% in an hour. The world’s largest altcoin was valued at $122.43 at the end of the 11th-hour candle on 23 March, but soon surged to $135.27. ETH was being traded at $134, at press time.

Like in the case of Bitcoin, liquidations followed the rising price of ETH on BitMEX. A total of $866k liquidations took place on the derivatives exchange, with buyers stepping up their game. ETHUSD Futures on BitMEX noted total liquidations of $2.5 million over the past day, wherein buy liquidations were highest at $1.4 million.