The world’s leading cryptocurrency bitcoin saw a strong price recovery in the last 12 hours as the total market capitalization of bitcoin reached $640 billion, a jump of approximately $100 billion from the recent lows. Yesterday, Bitcoin crashed below $29,000 for the first time since January 2021. According to CoinMarketCap, BTC is up by more than 15% in the last 12 hours. The latest price recovery has caused a significant jump in the total market dominance of Bitcoin as well.
Bitcoin briefly dropped below $30,000.
Bitcoin was temporarily below half of its all-time high value that it saw just two months ago after it dropped below $30k today. BTC has fallen just -4.5% in the past three days through the volatility. The latest market volatility triggered massive liquidations across the crypto market. Bybt.com highlighted the liquidation of more than 200,000 trading positions in the last 24 hours. The crypto analytics platform Santiment mentioned on Twitter that the recent correction saw the liquidation of more than $600 million worth of Bitcoin positions.
Ethereum saw liquidations worth $184 million within a single day.
The world’s second-largest cryptocurrency, Ethereum, followed bitcoin as it came at the second spot with liquidations worth $184 million within a single day. Overall, more than $1 billion worth of liquidations were seen in the last 24 hours. Earlier, Glassnode, a leading on-chain market analysis firm, mentioned that the total number of active Bitcoin addresses has dropped by nearly 25% in the last few weeks. The recent crash in the price of bitcoin is being attributed to the crackdown on bitcoin mining in China as many mining pools move out of the country. Bitcoin mining has been a concern of governments across countries because of its impact on the environment.