The cryptocurrency market saw over $145 million liquidated across exchanges like Binance in 24 hours this week. According to data from CoinGlass, 54,000 traders had their leveraged positions wiped out as most anticipated lower prices. However, the total crypto market cap rose 1.2% to near $2.1 trillion per CoinGecko, liquidating the downside bets.

The largest single liquidation order totaled $4 million on a Bitcoin trade in a USDT pairing on Binance. Crypto's biggest exchange saw multiple millions lost between Bitcoin and Ethereum punts on both sides of the market. Still, Bitcoin gained 3% in the last 7 days, now pricing around $51,800 with a $1 trillion market cap. Ethereum also moved up 11% amid bullish sentiment.

Bitcoin's rally follows January's Bitcoin ETF approvals by the U.S. SEC, pricing in supply crunch expectations for April's halving event. Ethereum momentum stems from an upcoming network upgrade called Dencun, which promises expanded layer-2 rollup capabilities through new blob data availability. The improvements target reduced transaction costs and increased scalability via modifications slated to deploy in March.

The market remains volatile but continues trending upwards despite leverage wipeouts. Traders brace for further fluctuations while HODLers set sights on fresh all-time highs. Major technical and fundamental developments like the Bitcoin halving and Ethereum's shift to proof-of-stake will determine price action over 2022.