The global cryptocurrency market capitalization surpassed $2 trillion early on Tuesday, fueled by a sudden surge in buying activity on major exchanges.
What Happened: Bitcoin (CRYPT: BTC) rose above $42,340, gaining 3.4% in a four-hour period on Tuesday morning. Ethereal (CRYPT: ETH) gained 5.80% over the same period and was trading above $3,011 at the time of writing.
classic ethereal (CRYPT: ETC) led altcoins in terms of daily gains, rising 14.77% to $43.27. ETC has gained 69% over the last week.
avalanche (CRYPTO AVAX), Solarium (CRYPT: SUN), Cardano (CRYPT: THERE ARE), and Moles (CRYPT: POINT) gained 4.33%, 4.90%, 7.38% and 6.25% respectively in the last 24 hours.
Meme-based cryptocurrencies like doecoin (CRYPT: DOGE) and Shiba Inu (CRYPT: SHIB) had gains of 2.80% and 4.85%, respectively.
The sudden spike in prices led to $70 million in liquidations over four hours. According to data from glass coin$65.77 million was liquidated from short sellers alone.
During the one-hour time period, $25.65 million in shorts were liquidated, while only $1.53 million in longs were liquidated.
