Crypto trading volume exceeds $100 billion in 24 hours as bulls flock to the market

Crypto trading volume exceeds $100 billion in 24 hours as bulls flock to the market
  • Proponents noted a 63.07% spike in the total transaction volume of cryptocurrencies across exchanges.
  • Coinmarketcap data reveals a month-on-month increase of 4.75% in crypto trading volume.
  • Bitcoin price crossed $47,000, fueled by $200 million shorts liquidated across exchanges.

Bitcoin price is rallying, fueled by a frenzy of massive short liquidations on crypto exchanges. Proponents believe bulls have flocked to the market, as transaction volume exceeded $100 billion.

Bitcoin price pushes past $47,000 in recent rally

Bitcoin price crossed key resistance to hit a high above $47,000 in a rally fueled by the liquidation of millions of short positions. Analysts at the crypto intelligence platform Santiment observed a massive liquidation of shorts across exchanges at 1 pm and 6 pm UTC across crypto exchanges on March 27, 2022.

Analysts argue that Bitcoin’s recent price rally to $47,000 was a response to liquidation in large quantities over the weekend. The average funding rate entered the long zone, where uncertainty among market participants increased. Therefore, analysts conclude that Bitcoin shorts have fueled the asset’s ongoing rally.

Crypto trading volume exceeds $100 billion in 24 hours as bulls flock to the market - 1

Bitcoin and altcoin shorts liquidated

Colin Wu, a Chinese journalist, reported a spike in the total transaction volume of cryptocurrencies, exceeding $100 billion over the past 24 hours. Wu referred to data from Coinmarketcap and observed a 63.07% increase in crypto transaction volume compared to March 26, 2022.

The total crypto market value now exceeds $2.12 trillion. Historically, analysts have witnessed high transaction activity when large wallet investors flock to the market or scoop up crypto. Bloomberg analysts argue that Bitcoin looks overbought, compared to its 50-day Moving Average.

Bitcoin price crossed key resistance at $45,000 in the current rally, erasing its losses for the year. FXStreet analysts have evaluated Bitcoin price and predicted the start of a new uptrend in the asset, as it crossed the $45,000 level.

FXStreet News

FXStreet News

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market and was founded in 2000.
The website offers a wide range of tools and resources: 24/5 currency news, real-time economic calendar, advanced rates and charts, educational webinars, analysis reports, forecasts, Learning Center, newsletters, industry services, FX customizable studies...
As its distinctive trademark, the portal has always been proud of its unyielding compromise to provide neutral and unbiased information and to enable its users to take better and more confident decisions. FXStreet has managed to gain the collaboration of the entire Forex industry, from individual professionals and small companies right up to Forex Brokers and Investment Banks. FXStreet covers the FX Market 24/5: an expert team of journalists, traders and economists picture what the market is doing and what is happening as it happens.