Ethereum (ETH) has been following the bullish mood of most Cryptocurrencies today, as it has been posting strong daily gains across the largest cryptos by market capitalization. In fact, ETH hit a new all-time high of $4796.44 as of press time, according to Coinbase’s data, as it keeps following bullish construction in terms of price action.
The news today for on-chain metrics was around $172 million in short positions liquidated over the last 24 hours. Overall, $240 million in short and long positions were liquidated, with $50 million lost by Ether traders. In addition, almost 46,831 holders shorted their positions, according to the metrics revealed by Coinglass.
With the numbers in context, Bitcoin (BTC) surpassed Tesla (TSLA) stocks by market capitalization today for the first time in its history. Also, IntoTheBlock, a crypto analytical platform, noted that as ETH keeps refreshing its all-time highs, a supply squeeze seems more probable as the staking contract has reached 8.2 million ETH.
Moreover, since October 1, IntoTheBlock commented that more than 860,000 ETH left centralized exchanges, which decreased the supply available due to the manoeuvre and put the odds in favor of a possible supply squeeze.
$1 Trillion Market Cap
In terms of the crypto market cap, after a rally of nearly $100 billion, the market value of digital assets reached a record high of $3 trillion on Monday. Moreover, Cryptos increased by almost 300% in 2021.
The market capitalization of cryptocurrency assets has increased throughout the last 10 months, despite regulatory uncertainties and frequent corrections. As a result, the market value of digital assets was $750 billion as of January 1, 2021. While Bitcoin and Ethereum have remained dominant, other cryptocurrency assets like Solana (SOL) and Binance Coin (BNB) have climbed substantially. Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have made it into the top 10 cryptocurrency assets in the world. Both DOGE and SHIB have a market cap of more than $30 billion.
