After the point when the oldest cryptocurrency Bitcoin bounced back from its multi-week low, a hundred of millions of dollars worth of short positions got wiped out. In accordance with the data revealed by Bybt, $240M worth of short positions got elucidated on major crypto exchange platforms over the last four hours. Bitcoin Jumps Back Above $52,000 The shorters or rather say bearers accounted for a whopping 91% of all the elucidations registered during the already mentioned time frame. The oldest cryptocurrency in the world, Bitcoin, with the market capitalization of the whole crypto market depended on it collapsed to yet another low in weeks of $47,006, which the crypto asset reached at 9:45 pm UTC on the Bitstamp exchange. However, Bitcoin has managed to record a fantastic comeback and the crypto asset surged as much as 12% in hours. At the time of writing this article, the oldest crypto asset in the world is being traded at a price of $53,716.20 on the major crypto exchanges. Well, the major loss in the market was witnessed by those who tried to short their positions on the crypto asset marking a huge wiping out of the wealth that could be generated. Meanwhile, noted analysts still believe a drop in bitcoin price to below $40,000. Altcoins at Their All-Time High Following the Bitcoin Following the lead of the largest crypto asset in the crypto market, altcoins such as Ethereum, Binance Coin, and Tether also witnessed a surge in their prices. The surge in the prices of the largest cryptocurrency along with the rise in the price of altcoins led to the rise in the total market capitalization of the industry. The total market capitalization of the crypto industry that has been calculated after the rise in the prices of cryptocurrencies is sitting at $2 trillion at present and is expected to rise significantly in the near future.
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