Crypto Market Ignites: $800M Shorts Liquidated in Major Breakout

The crypto market surged past the $2 trillion mark in the last 24 hours.Bitcoin crossed $102,000 after rising 4.5 percent and now targets new all-time highs.Over $800 million in short positions were liquidated across the crypto market.The crypto market surged sharply in the last 24 hours, driving over $800 million in short liquidations. Bitcoin and Ethereum led the charge with strong momentum and broke past major resistance levels. The broader crypto market climbed above a $2 trillion valuation, marking a critical psychological milestone.Crypto Market Gains as Bitcoin ClimbsBitcoin price soared above $102,000 after a substantial 4.5% rise, pushing the crypto market into a renewed bullish trend. The rally momentum was bolstered after a significant US-UK trade agreement neutralized the global uncertainty with increased sentiment. Again, with its $2 trillion market capitalization, Bitcoin is ranked fifth globally by asset value.Source: XAs momentum gained, Bitcoin crossed the $100,000 level and trades in the neighborhood of $103,000 as of press time. Confirmed price action saw Bitcoin targeting the next resistance at $106,000 and $108,000. If the crypto market retains its strength, Bitcoin could push toward a fresh all-time high above $109,000.Bitcoin’s sharp increase also led to almost $800 million in short liquidations, the top single-day total this year. The crypto market reacted swiftly, breaking past key resistance zones with strong volumes. With bullish momentum gathering, Bitcoin’s long-term trend seems to remain unaffected as support stands firm.Ethereum Leads the Altcoin Market RallyEthereum posted a massive 17% gain within a day, leading altcoin activity and boosting overall crypto market momentum. The ETH price had jumped to $2,200 (a technical breakout from a long bearish pattern). This massive status quo proved that a five-month downtrend had ended.The price hike resulted in over $750 million in short liquidations, the biggest in a long time, daily bearish ETH liquidations of 2023. Ethereum’s breakout significantly strengthens the crypto market narrative and supports a broader altcoin recovery. Analysts also await a possible rally to the $3,840 level in the near weeks.$ETH Descending Broadening wedge Upside Breakout is finally Confirmed after 5 Months of Consolidation.. Now Send it to 3840$ #Ethereum #ETH #ETHUSDT pic.twitter.com/Wxstm7QJiq— Captain Faibik (@CryptoFaibik) May 9, 2025As Ethereum regained key technical levels, it helped push the crypto market further into bullish territory. Market sentiment quickly changed to a positive note, which triggered momentum trades for all altcoins. The breakout in Ethereum is a primary trigger for the altcoin resurgence.Altcoins Join the Crypto Market Surge With Broad GainsSeveral major altcoins contributed to the overall crypto market rally with double-digit gains. Dogecoin surged more than 10% to $0.18, and Cardano bounced to $0.71 in a broad move up on strong buying. Other coins also had stable increases during the day’s session.Solana increased to $150.70, Binance Coin surged to $600.10, and XRP to $2.22. Each asset posted at least 7% gains, supporting the crypto market’s bullish momentum. These movements are based on renewed optimism, based on late macroeconomic developments.