Ethereum Classic (ETC) Rally Pushes Short Liquidations To $9M

Ethereum Classic (CRYPTO: ETC) rallied to an intra-day high of $42.29 on Thursday, liquidating $9 million worth of short positions. 

What Happened: ETC surged 10% over 24 hours, reclaiming a one-month high, according to data from Benzinga Pro. ETC was up 9.31% against Bitcoin (CRYPTO: BTC) and 6.85% against Ethereum (CRYPTO: ETH).

Data from CoinGlass shows that it was the fourth most liquidated asset over 24 hours at the time of writing.

Over 12 hours, more than $9 million worth of ETC shorts were liquidated while just $3.8 million longs were liquidated over the same period.

The overall crypto market saw a total of $260 million in liquidations on Thursday. Bitcoin led with $106 million in liquidations, followed by Ethereum which saw $72 million in liquidations.

Unlike ETC, the majority of liquidations on BTC and ETH trading pairs were seen by traders in long positions.

Decentralized web3 infrastructure provider Ankr (CRYPTO: ANKR) saw an unusually high $21 million worth of liquidations as its price surged 50% over the last day. 

Altcoins like Solana (CRYPTO: SOL), Optimism (CRYPTO: OP) and Dogecoin (CRYPTO: OP) saw $3 million, $2.21 million and $1.53 million worth of liquidations, respectively.