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Over $110 million in crypto liquidation as ETH and BTC suffer losses

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In the last month, the price of Bitcoin (BTC), the most valuable cryptocurrency, has gone up by 16 percent. It’s worth more than $45,000 now. Ether (ETH), the original cryptocurrency of the Ethereum platform and the second-largest cryptocurrency by market capitalization, had a return of more than 29% over the same time period, easily beating Bitcoin’s return.

Bitcoin has been the most traded and owned digital currency around the world since it was first made in 2008 by a person named Satoshi Nakamoto. Bitcoin was the first cryptocurrency ever made, and other cryptocurrencies often try to match its performance.

People from all over the world can use Bitcoin to send and receive money instantly and without a central authority like a bank keeping track of the process. Bitcoin is not run by a single person or group. Instead, it is run by everyone. The blockchain is a public record of all the transactions. It is used by Bitcoin to make sure that all transactions are safe.

Bitcoin is now worth more than $870 billion, which is about 41% of the whole cryptocurrency market. Ethereum makes up about 19% of the market for all cryptocurrencies. The fact that there aren’t many Bitcoins is one of the main things that makes them valuable.

Bitcoin is a valuable asset because of this and the fact that both big and small investors are buying more of them. There will never be more than 21 million bitcoins out in the world. So, about 90% of the total supply is made up of the 19 million bitcoins that have already been made and are being traded on the market right now.

Ethereum is an open-source, decentralized project that lets people send money to each other. Ethereum, on the other hand, is not just a way to pay for things like Bitcoin. In the areas of decentralized finance, nonfungible tokens, and gaming, developers can run smart contracts and build databases. These kinds of programs are not made to work with the Bitcoin network.

Proof-of-work, or PoW, is a system that Ethereum uses, just like Bitcoin, to keep the decentralized network running and keep the integrity of how the platform works. Even though Ethereum transactions are often done faster than Bitcoin transactions, users have to pay higher “gas fees” because of this.

Members of the network who are in charge of validating transactions on the platform can get paid for their work through gas fees. For first-time investors, these fees may be too high, even for small amounts.

Marchesoni says that Bitcoin has the highest market value right now, but Ether may pass Bitcoin when it gets its next infrastructure update, which is called the “Merge.” This would mean that proof-of-work is no longer needed for Ethereum.

Bitcoin and Ethereum are also different in other important ways. Bitcoin is used as a way to buy goods and services in some parts of the world. For example, using bitcoins as money is legal in El Salvador. This has been looked at with skepticism because Bitcoin’s volatility could make it hard for people in the area to use it for transactions.

According to data released by Coinglass, traders lost a total of $116 million in less than an hour because of a wave of liquidations that hit many cryptocurrency exchanges when Bitcoin briefly fell to $28,955 and Ethereum briefly fell to $1,830.

There were investments in Bitcoin worth more than $41 million that were sold. Bitfinex ($28.98 million), Okex ($44.68 million), and Binance ($22.47 million) had the longest liquidations.

When a trader loses the initial margin on a position, the position is automatically closed.

At this time, the top cryptocurrency’s price has gone back up to $29,191, while Ethereum’s price is $1,841.

A tweet from Santiment says that the number of large whale wallets keeps going up, even though the price of Bitcoin stays the same at $29,000.

These addresses hold anywhere from 100 to 1,000 BTC. Since the price of Bitcoin dropped to about $33,500 at the end of January, these wallets have been buying more of it. Three months ago, there were about 190 fewer wallets here than there are now.

Santiment says that if you look at the past, the fact that the number of these kinds of addresses keeps going up shows that the price and the number of addresses are related.