The cryptocurrency market has experienced a significant surge, with the overall crypto economy growing by 5.6% in just 24 hours, reaching a valuation of $2.07 trillion as of Thursday. This bullish momentum has pushed Bitcoin (BTC) above the $59,800 mark, while Ethereum (ETH) has exceeded $2,500 per coin.
Key Highlights
Market Surge
– Bitcoin: BTC saw an impressive rise, reaching an intraday high of $59,848.
– Ethereum: ETH also enjoyed a substantial increase, climbing to $2,525.
– Other Top Performers: Solana (SOL), Ripple (XRP), and Toncoin (TON) were among the leading gainers in the market.
Trading Volume and Market Dominance
– Global Trade Volume: There was a slight increase in global trade volume, with Thursday’s figures showing around $94.99 billion—a 0.69% rise from the previous day.
– Market Dominance: Bitcoin holds a 56.5% share of the crypto market, while Ethereum accounts for 14.5%.
Derivatives Liquidations
– Total Liquidations: The rapid price movement led to $212.59 million in liquidated derivatives positions across the market.
– Bitcoin Liquidations: BTC saw $65.74 million in short positions liquidated.
– Ethereum Liquidations: ETH experienced $62.54 million in long positions cleared.
– Other Major Liquidations: SOL and XRP also faced significant liquidations, with $19.67 million and $13.04 million in shorts, respectively.
– Traders Affected: A total of 59,781 traders were liquidated during the day, with $110.30 million of the day’s liquidations coming from long positions.
This sharp increase in the crypto economy reflects renewed investor confidence and a resurgence in market activity, although the volatility also led to significant losses for those caught on the wrong side of trades. The market’s performance continues to be closely watched as Bitcoin approaches the $60,000 mark, and Ethereum and other altcoins also show signs of strength.
