Bitcoin, the world’s most valuable digital asset, saw a strong price recovery in the last 12 hours as the total market capitalization of BTC reached $640 billion, which is a jump of approximately $100 billion from the recent lows. Yesterday, Bitcoin crashed below $29,000 for the first time since January 2021.
According to the data posted by Coinmarketcap, BTC is up by more than 15% in the last 12 hours. The latest price recovery has caused a significant jump in the total market dominance of Bitcoin which currently stands at around 47%, which is the highest level since May 2021.
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“Bitcoin was temporarily below half of its all-time high value that was reached just 2 months ago after it dropped below $30k today. However, there are signs of a potential turnaround. Those who have stayed strong in Bitcoin on the crypto downswing have been relatively rewarded compared to high-risk altcoin traders. BTC has fallen just -4.5% the past 3 days through the volatility, while DOGE (-26.1%) & other altcoins have dropped hard,” crypto analytics platform, Santiment mentioned on Twitter.
The latest market volatility triggered massive liquidations across the crypto market. Bybt.com highlighted the liquidation of more than 200,000 trading positions in the last 24 hours. The analytics firm added that the recent correction liquidated more than $600 million worth of Bitcoin positions.
Ethereum, the world’s second-largest cryptocurrency, came at the second spot with liquidations worth $184 million within a single day. Overall, more than $1 billion worth of liquidations were seen in the last 24 hours. Earlier this week, Glassnode, a leading on-chain market analysis firm, highlighted a significant drop in the network activity of Bitcoin. The company mentioned that the total number of active Bitcoin addresses has dropped by nearly 25% in the last few weeks. Additionally, the total daily USD value settled on the Bitcoin network reached the level of nearly $18 billion in June 2021, which is a sharp decrease of approximately 63% from the recent highs of May 2021.