Key facts
- Major cryptocurrencies including Bitcoin, Ethereum, and XRP saw significant gains.
- Bitcoin climbed above $61,000.
- Ether and Solana also posted gains.
- Crypto liquidations totaled $602 million in 24 hours.
- Short positions accounted for the majority of liquidations.
- Memecore's M surged over 80%.
- Audiera's BEAT surged over 12%.
- Derivatives data indicate growing bullish sentiment.
- XRP showed signs of accumulation above $1.00 support.
- New XRP wallet creations reached a three-month high.
- XRP ETF inflows topped $62 million in June.
- Whale activity for XRP increased.
Major cryptocurrencies, including Bitcoin, Ethereum, and XRP, experienced a significant rebound on Thursday, reaching weekly highs. Bitcoin climbed above the $61,000 mark, while Ether and Solana also posted gains. This surge in major digital assets coincided with a sharp increase in cryptocurrency liquidations, which totaled $602 million within a 24-hour period. Short positions accounted for the majority of these liquidations.
Smaller, speculative tokens also participated in the rally, with Memecore's M leading the advance with a surge of over 80%, and Audiera's BEAT gaining more than 12%. Derivatives data suggests a growing bullish sentiment in the market. XRP showed signs of accumulation above its $1.00 support level. New wallet creations for XRP reached a three-month high, and XRP Exchange Traded Fund (ETF) inflows for June topped $62 million. Whale activity for XRP increased, though retail traders remained cautious, awaiting a confirmed recovery above $1.10.
The market dynamics indicate a complex interplay between large-cap cryptocurrencies, speculative altcoins, and specific asset developments like XRP ETF inflows and whale accumulation. The surge in liquidations suggests a volatile market environment where rapid price movements can trigger significant deleveraging events, particularly for short sellers.