Bitcoin is holding steady at $55,555 after experiencing dramatic price swings in the past day. Its market cap has climbed to $1.09 trillion, with a strong 24-hour trading volume of $101.85 billion.
This stability comes after a sharp drop on August 5, when Bitcoin’s price fell to $49,221 from about $58,350. It dropped almost 10% and has since bounced back to around $55,000, according to CoinMarketCap.
Market Liquidations
In the last 24 hours, Bitcoin liquidations have been significant, totaling $270.16 million. This includes $161.88 million from long positions and $108.28 million from short positions.
In the past 24 hours, a total of $575.05 million in liquidations occurred. This included $335.12 million in long positions and $239.93 million in short positions. A total of 117,465 traders were liquidated, with the overall value reaching $439.12 million. The largest single liquidation order was for ETHUSDT on Binance, worth $13.42 million.
Meanwhile, Ethereum has seen a notable rise, with its price increasing by 6% to $2,497.
Ethereum’s market cap is now $300.55 billion, and its trading volume for the day is $51.86 billion. Ethereum liquidations amounted to $126.65 million, with $67.73 million from longs and $58.93 million from shorts.
Gains in Altcoins and Memecoins
Altcoins have also shown strong performances. Bitcoin SV (BSV) went up 6% to $37.65, Bitcoin Cash (BCH) rose 7.6% to $319.05. Solana (SOL) and AAVE surged 18.1% and 22% respectively.
Memecoins have been particularly volatile. Dogecoin jumped 12.6% to $0.09974, Shiba Inu soared 18.5% to $0.00001388, Pepe increased 18% to $0.00000807, and Dogwifhat saw the largest rise, up 20% to $1.43.
Bitcoin’s recent volatility, marked by a dramatic dip and recovery, underscores the market’s unpredictability. With significant liquidations and Ethereum’s 6% rise, these fluctuations impact broader market sentiment. The strong performance of altcoins and memecoins suggests a shifting focus.
Also Read: Crypto Fear Index Hits Extreme Low Amid $168M ETF Outflows
