Ether Hits Two-Month High, Crypto Traders Lose $200M in Liquidations

• Crypto traders who had bet on a market decline have lost $200 million to liquidations as Ether hits a two-month high.
• The crypto market capitalization has risen by about 3.18% in the past 24 hours with Ether, XRP and Solana registering gains of about 20%.
• Ethereum (ETH) is projected to gain momentum ahead of the scheduled March Shanghai upgrade, which is designed to de-risk staking by allowing users to move their funds to a secure location.

The cryptocurrency market has seen a surge in activity in the past 24 hours, with the market capitalization rising by about 3.18% as Ether hits a two-month high trading at about $1400. The broad recovery in the crypto market has caught short traders off-guard, leading to about $200 million worth of short trades against price rises being liquidated in the past 24 hours. Additionally, more than $150 million worth of short trades were liquidated earlier this week as Ethereum (ETH) and Bitcoin (BTC) broke past key resistance levels according to data from CoinGlass.

Other major altcoins such as XRP and Solana have also seen significant gains of about 20%. Ether-tracked futures have seen liquidations worth about $110 million in both long and short positions. Bitcoin saw liquidations worth about $77 million, while AVAX and GALA saw $4.5 million in liquidations.

The bullish trend in the crypto market is expected to continue as Ethereum (ETH) is projected to gain momentum ahead of the scheduled March Shanghai upgrade, which is designed to de-risk staking by allowing users to move their funds to a secure location. This upgrade will also allow users to stake their Ether in multiple contracts, providing a more secure and efficient way to manage their assets.

The crypto market has been on a steady rise since the beginning of the year, with Ethereum (ETH) leading the charge as its price has reached a two-month high. This is in stark contrast to the cautious tone of the US stock market, which has seen a lack of significant movements in the past few weeks.

The strong performance of Ethereum (ETH) is expected to continue as the cryptocurrency is set to benefit from the March Shanghai upgrade. This upgrade will provide users with more secure and efficient ways to manage their assets, which could lead to further growth in cryptocurrency prices.

Overall, the cryptocurrency market is showing signs of growth, with Ethereum (ETH) leading the charge. Short traders have suffered significant losses as a result of liquidations, while the upgrade in March is expected to provide further support to the crypto market. As such, the bullish trend in the crypto market is likely to continue in the near future.