BTC, ORDI Explode Further Amid $190 Million In Liquidations

Bitcoin (BTC) tapped a new yearly high at $43,700 on Tuesday as the crypto market posted a new waterfall of short liquidations.

Meanwhile, Ordinals-themed memecoin ORDI continued to skyrocket, climbing another 53% on the day to $63.26.

• The climb takes BTC up 15% over the past week, and has pushed its market dominance up to 54.8%, according to TradingView
• By contrast, Ethereum (ETH) has risen 1% on the day to $2,250 and sits at 17.5% dominance.
• The ongoing pump comes amidst rising excitement over a U.S. Bitcoin spot ETF, which analysts believe will likely be approved next month.
• It also follows a revival in on-chain Bitcoin activity last month due to Ordinals – a protocol for issuing NFTs and tokens on the Bitcoin blockchain.
• Though it has no real utility, ORDI remains the premier memecoin launched on Bitcoin thus far, now boasting a market cap of $1.3 billion.
• Another Bitcoin-based layer-2 blockchain token, Stacks (STX), has risen 65% this week to over $1.16 each.
• On-chain analysts at Bitfinex have suggested that the recent BTC rally may be overblown, and could be due for a pullback soon.
• Nevertheless, traders attempting to short the pump are continuing to get cleared. According to CoinGlass, over 80,000 crypto traders have been liquidated for $233 million in the past 24 hours, including $155 million worth of longs.

  

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