Bitcoin has stabilized at approximately $55,555 following a period of substantial price volatility over the past 24 hours. The cryptocurrency’s market capitalization has risen to $1.09 trillion, with trading volumes reaching $101.85 billion during this period.
This stabilization follows a steep decline on August 5, where Bitcoin’s value plummeted from around $58,350 to as low as $49,221, representing a nearly 10% drop. However, it has since recovered to hover around the $55,000 mark, according to CoinMarketCap data.
Market Liquidations Overview
Over the past day, Bitcoin liquidations have been notable, amounting to a total of $270.16 million. This figure includes $161.88 million from liquidated long positions and $108.28 million from short positions.
Total liquidations across the broader market reached $575.05 million in the last 24 hours. This includes $335.12 million in long positions and $239.93 million in short positions. The liquidation event affected 117,465 traders, with the cumulative value of liquidations reaching $439.12 million. The largest single liquidation order involved ETHUSDT on Binance, valued at $13.42 million.
Ethereum’s Performance
Ethereum has demonstrated a robust performance amidst the volatility, with its price rising by 6% to $2,497. The market capitalization of Ethereum now stands at $300.55 billion, with a daily trading volume of $51.86 billion. Liquidations in Ethereum totaled $126.65 million, comprising $67.73 million from long positions and $58.93 million from shorts.
Altcoin and Memecoin Gains
Altcoins have shown substantial gains, with Bitcoin SV (BSV) increasing by 6% to $37.65 and Bitcoin Cash (BCH) rising by 7.6% to $319.05. Solana (SOL) and AAVE saw even more significant surges, with increases of 18.1% and 22%, respectively.
Memecoins have also experienced considerable volatility. Dogecoin surged by 12.6% to $0.09974, Shiba Inu jumped by 18.5% to $0.00001388, Pepe climbed 18% to $0.00000807, and Dogwifhat saw the most remarkable increase, soaring 20% to $1.43.
Market Sentiment
Bitcoin’s recent sharp fluctuations, marked by a dramatic decline and subsequent recovery, highlight the inherent volatility within the cryptocurrency market. With significant liquidations and Ethereum’s notable 6% rise, these dynamics are influencing broader market sentiment. The strong performances of altcoins and memecoins indicate a potential shift in focus within the cryptocurrency landscape.
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