ETH - Why Ethereum Bitcoin and Dogecoin Rallied Today
2024-04-08 20:51:40 ET
Several major cryptocurrencies started the week on a high note today amid a confluence of positive catalysts, including potential short squeezes, technical trading tailwinds, and -- perhaps most surprising -- geopolitical tailwinds from leading Chinese money management firms.
When all was said and done, as of the close of Monday's regular session, the price of Ethereum (CRYPTO: ETH) was up 9.1%, Bitcoin (CRYPTO: BTC) had rallied 3.8%, and Dogecoin (CRYPTO: DOGE) gained a little over 2%.
According to Coinglass data this morning, the digital asset market has seen more than $176 million in liquidations over the past 24 hours, the vast majority of which (around $124 million, or 72%) came from liquidations of open short positions .
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Why Ethereum, Bitcoin, and Dogecoin Rallied Today