FTX Token (FTT) Triggers Short Squeeze With 40% Surge - Bitcoin (BTC/USD), Ethereum (ETH/USD), FTX Token (FTT/USD)

After weeks of stagnation, the crypto market roared back to life on Monday as coins with smaller market capitalizations outperformed larger ones like Bitcoin BTC/USD and Ethereum ETH/USD.

What Happened: Among the biggest winners was FTT FTT/USD, the token of the Sam Bankman-Fried-founded crypto exchange whose spectacular collapse in November sent its price tumbling, but saw a monumental 40% increase in the past 24 hours.

At the time of writing, FTT was trading at $1.30, still down 96% over the past year.

See More: Best Crypto Day Trading Strategies

Over $245 million in short positions were liquidated in the last 24 hours, according to Coinglass data. This significant move caught many traders off-guard and means that some betting on a price fall took a big hit.

The sentiment among crypto investors improved on Monday as BTC kept above the key $17,000 level.

Serum SRM/USD, the native token of the Solana SOL/USD based decentralized exchange rendered defunct following the collapse of Alameda Research and FTX, surged 12%.

Price Action: BTC was trading at $17,191, down 0.17% in the last 24 hours, according to Benzinga Pro.