Bitcoin, the world’s most valuable cryptocurrency, gained nearly 12% in the last 24 hours. BTC jumped above $37,500 today and touched a market cap of $700 billion. The latest jump in the price of BTC has triggered massive liquidations in the crypto market.
According to the latest data published by crypto analytics platform, bybt.com, more than $400 million worth of short crypto positions were liquidated in the last 24 hours. Liquidations include nearly $320 million worth of short Bitcoin positions along with $70 million worth of short Ethereum positions.
Bybt data shows that approximately 70,000 trading orders were liquidated within a single day. The largest Bitcoin liquidation order happened on Huobi worth nearly $5 million. Significant liquidations were also seen in XRP and cryptocurrency Dogecoin (DOGE).
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Bitcoin saw a rebound on 10 June after the digital currency dropped to approximately $31,000 on Tuesday. The latest jump in the price of Bitcoin has caused a spike in the crypto market dominance of BTC. Currently, the most valuable digital asset has a market dominance of 43%, which is up from 41% at the start of this week.
Santiment, a blockchain tracking firm and analytics provider, recently highlighted a surge in the accumulation of Bitcoin by large BTC addresses. In a Tweet on Thursday, the company said that Bitcoin whale addresses accumulated more than 80,000 coins in the past month. “Bitcoin has jumped back over $37,000 today, while Ethereum and altcoins are staying flat. As a result, crowd interest in BTC has spiked back up to 3-week highs. BTC whales aren’t slowing down their accumulation, and the uptrend of tokens held by these addresses holding 1,000+ BTC continues. This is a strong bode of confidence for bulls, seeing top key stakeholders are increasing their bags,” Santiment tweeted.
Bitcoin is currently trading near $36,600 with a market cap of $685 billion. The overall market cap of digital currencies now stands at around $1.62 trillion, which is up by nearly 10% in the last 24 hours.