Bitcoin (CRYPTO: BTC) surged by 7.8% during Asian hours on Wednesday to $41,632.
What Happened: The market-leading cryptocurrency added nearly $3,000 to its price as it surged above the $41,000 mark. The coin saw a 10% increase in trading volume which exceeded $31.6 billion at press time.
The sudden spike in the digital asset’s price caused over $32 million worth of liquidations in one hour alone. Of these liquidations, $22 million were Bitcoin liquidations alone.
According to data from CoinGlass, more than 94% of liquidations across all major crypto exchanges occurred for traders in short positions.
Ethereum (CRYPTO: ETH), followed Bitcoin’s momentum, gaining 6.5% and trading above $2,700. Dogecoin (CRYPTO: DOGE) traded 2.4% higher at $0.1217. Among other major coins, Solana (SOL), Avalanche (AVAX), and Terra (LUNA) gained 5%, 8%, and 16%, respectively.
The biggest rallies were observed in privacy coins like Monero (XMR) and Zcash (ZEC) which surged by 26% and 19% on Wednesday.
