The FTX token soared by 40%, surpassing Bitcoin and Ethereum - triggering a short squeeze
After several weeks of stagnation, the cryptocurrency market recovered on Monday, because the performance of tokens with smaller market value was better than that of larger tokens such as Bitcoin
Bitcoin/USD
+12.5%
And Ethereum
ETH/USD
+9.43%
One of the biggest winners is FTT
FTT/USD
+4.54%
The token of the cryptocurrency exchange founded by Sam Bankman-Fried. The collapse of the exchange in November caused its price to plummet, but it has seen a huge increase of 40% in the past 24 hours.
At the time of writing, the trading price of FTT was US $1.30, which still fell by 96% in the past year.
According to the data of Coinglas, more than $245 million of short positions have been cleared in the past 24 hours. This major move caught many traders unprepared, which meant that some people who bet on price decline were seriously hurt.
The sentiment of cryptocurrency investors improved on Monday as BTC remained above the key US $17000.
Serum
SRM/USD
+7.09%
, Solana's native token
Sol/USD
+21.8%
After the collapse of Alameda Research and FTX, stocks based on decentralized exchanges soared by 12%.
Price action: According to the data of Benzinga Pro, the transaction price of BTC was 17191 US dollars, down 0.17% in the past 24 hours.