The global cryptocurrency market rebounded sharply on Thursday, with total market capitalization rising 9.97% (nearly 10%) to $2.53 trillion in 24 hours as Ethereum (ETH) led gains among the largest digital assets.
Ether climbed 17.7% to $2,274.28, while Bitcoin (BTC) rose 10.2% to $71,628.06, according to CoinGecko data at 2 p.m. UTC. The rally pushed the market’s altcoin capitalization from about $975 billion to roughly $1.08 trillion.
The move also triggered a wave of forced position closures. About $3.35 billion of crypto positions were liquidated, according to data from CoinGlass (at 2 p.m. UTC), with short positions accounting for $3.05 billion, or about 91% of the total.
Ethereum leads the rebound
Ethereum was the strongest performer among the two largest cryptocurrencies. Ether traded between $1,931.68 and $2,318.66 over the 24 hours, with its market capitalization reaching about $274.4 billion. Trading volume stood at roughly $37.99 billion, according to CoinGecko data at 2 p.m. UTC.
Meanwhile, Bitcoin rose to an intraday high of $72,344.19, after trading as low as $64,984.15. Its market capitalization stood at about $1.44 trillion, while 24-hour trading volume reached approximately $66.92 billion, according to CoinGecko data (at 2 p.m. UTC).
Bitcoin still dominates the market
Despite Ethereum’s larger percentage gain, Bitcoin remained the largest cryptocurrency by market value. Bitcoin accounted for 56.79% of the overall crypto market, with its market capitalization at about $1.44 trillion. Stablecoins represented another $303 billion, equivalent to 11.99% of the market, according to CoinGecko data (at 2 p.m. UTC).
The market data covered 17,419 tracked cryptocurrencies, 1,494 exchanges and 753 categories, according to CoinGecko.
Short liquidations exceed $3 billion
The sharp price recovery forced a large number of bearish derivatives positions to close.
CoinGlass data (at 2 p.m. UTC) showed 194,303 traders were liquidated, with total liquidations reaching $3.35 billion. Short positions represented $3.05 billion of that figure, compared with $298.73 million in long liquidations.
| Period | Total | Longs | Shorts |
|---|---|---|---|
| 1 hour | $35.96M | $25.03M | $10.94M |
| 4 hours | $127.88M | $55.92M | $71.96M |
| 12 hours | $541.12M | $105.63M | $435.49M |
| 24 hours | $3.35B | $298.73M | $3.05B |
The largest individual liquidation was a $48.80 million BTC-USD position on Hyperliquid.
Bitcoin and Ethereum account for most liquidations
According to data from CoinGlass (at 2 p.m. UTC), Bitcoin had the largest share of asset-specific liquidations at approximately $1.71 billion, followed by Ethereum at $1.18 billion. Solana recorded about $108.27 million in liquidations. Other assets appearing among the largest liquidation totals included HYPE, XRP, ZEC, XAU, SNDK, BNB, DOGE and LINK.
The concentration in short liquidations broadly matches the direction of the market move, as traders positioned for lower prices were forced to close positions as prices moved higher.
Altcoins regain ground
The broader market also participated in the rebound. According to CoinGecko data (at 2 p.m. UTC), the altcoin market capitalization increased from roughly $975 billion to $1.08 trillion over the 24 hours. Bitcoin’s dominance, however, remained above 56%, indicating that the rally did not amount to a wholesale shift away from the largest cryptocurrency.
The overall crypto market remains about 40.31% below its level a year earlier, despite the latest one-day gain.
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