Crypto Bulls Return with $200 Billion Rally

Crypto bulls made a strong comeback on 1 October 2021 after Bitcoin, the world’s most valuable digital currency, added nearly $100 billion to its market capitalization.

According to the latest data published by Coinmarketcap, the overall market cap of digital assets jumped by approximately $200 billion on Friday. The recent crypto rally was led by Bitcoin and Ethereum. BTC and ETH have spiked by more than 10% in the last 24 hours.

Apart from the world’s top 2 digital assets, several other digital currencies, including Cardano (ADA), Binance Coin (BNB), XRP and Solana (SOL) also saw immense demand today. The overall market cap of crypto assets touched the high of $2.1 trillion on Friday.

Due to the latest crypto market rally, the liquidation of short cryptocurrency trading positions increased significantly on 1 October. According to bybt.com, one of the leading crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term platforms, nearly $300 million worth of short crypto positions got liquidated due to the recent bullish moment in digital assets. Bitcoin accounted for the liquidation of more than $150 million worth of short trading positions. The biggest liquidation happened on the Bitmex exchange with a total value of more than $9.7 million.

Bitcoin’s Crypto Market Dominance

The latest crypto rally triggered a jump in the overall market dominance of Bitcoin. According to Coinmarketcap, BTC now accounts for more than 43% of the overall crypto market cap, which is its highest level in 4 weeks. In September 2021, Bitcoin fell behind other crypto assets in terms of price gains. However, the start of October indicates that the world’s most valuable digital asset is here to compete with other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. While BTC saw a spike in its market dominance, ETH saw a slight drop. Ethereum now accounts for 18.3% of the overall market value of digital currencies.

Bitcoin is currently trading above $47,000 with a market cap of $900 billion. However, the price of Ethereum is trading above the important level of $3,200.