Data shows the cryptocurrency derivatives market has suffered a considerable amount of liquidations following Bitcoin’s rally to its recent all-time high (ATH).

Bitcoin Has Set A Latest Record Above $75,000 Today

The moment Bitcoin investors have been waiting for these past few months has finally happened, because the primary cryptocurrency has set a brand recent price record beyond the $75,000 mark through the past day.

The below chart shows how the asset’s recent trajectory has looked:

The value of the coin appears to have shot up during the last 24 hours | Source: BTCUSDT on TradingView

This latest bullish burst within the coin got here as investors were betting big on a win for pro-crypto Donald Trump within the US presidential elections. The outcomes have settled now, and Trump has indeed returned to the White House for his second term.

BTC hasn’t been the one asset that has enjoyed this positive wave, after all, because the altcoins have also displayed rallies of their very own. Loads of the alts have, the truth is, put together higher gains than the 8% jump that Bitcoin and Ethereum have seen within the last 24 hours.

Given all that has been happening within the sector, it’s not a surprise to see that the derivatives side has also been quite energetic.

Crypto Derivatives Market Has Just Seen $574 Million In Liquidations

In keeping with data from CoinGlass, a mass liquidation event has occurred within the sector through the past day. The “liquidation” of any open contract occurs when its platform forcibly shuts it down after it amasses losses of a certain degree (the precise value of which may differ between exchanges).

In total, $574 million price of cryptocurrency positions have undergone this process within the last 24 hours.

Looks just like the liquidations from this window have been lopsided towards the shorts | Source: CoinGlass

Out of those, almost $385 million of the liquidations have involved short contracts. This represents 67% of the full, which, while still an obvious majority, isn’t quite as lopsided as during similar bullish events previously.

Greater than $189 million in longs still managing to get liquidated through the positive price motion suggests that a variety of these positions were opened on the Bitcoin top.

By way of the contribution from the person symbols, Bitcoin has unsurprisingly occupied the most important share with nearly $275 million in liquidations.

The breakdown of the most recent liquidations by symbol | Source: CoinGlass

What’s a surprise, nevertheless, is Dogecoin (DOGE) coming in second ahead of Ethereum, despite the massive difference between the market caps of the 2. Because of this the memecoin has been garnering an enormous amount of speculative interest recently.

These coins have only witnessed $57 million and $49 million in liquidations, respectively, though, which isn’t much when put next to Bitcoin’s total. Thus, the unique digital asset has very much been the fundamental focus of the market.

$574 million in contracts have been flushed thus far, nevertheless it appears this hasn’t been enough to dissuade the speculators, because the BTC Open Interest has only surged to a recent all-time high (ATH).

The trend within the Bitcoin Open Interest over the previous couple of months | Source: CoinGlass

Featured image from Dall-E, CoinGlass.com, chart from TradingView.com