Yesterday’s rollercoaster ride was just the beginning for Bitcoin, as the asset returned to the offensive early in Asian trading hours and climbed to just over $36,000 for the first time since May 2022.
With many altcoins performing even better, the total value of liquidated trade positions jumped to $150 million on a daily scale.
- CryptoPotato reported yesterday’s pump and dump, which saw BTC rise by around a thousand dollars in a matter of minutes. Nonetheless, the cryptocurrency eventually returned to around $34,000.
- After several hours of quiet trading around this level, the bulls took matters into their own hands early Thursday and launched a massive rally that only capitalized on the gains seen in October.
- Within hours, bitcoin soared to just over $36,000, which became its highest price in a year and a half.
- Despite losing some ground since then, BTC is still up 4% on the day, with a market cap of around $700 billion. Its dominance over altcoins is also stable at 53% and even in a expansion stateaccording to Glassnode, although many performed better on a daily basis.
- Solana and Uniswap both grew by double digits, 11% and 15%, respectively. Impressive price increases also come from companies like ADA, MATIC, DOT and AVAX.
- This increased volatility hurt overleveraged traders. Total liquidations on a daily scale have increase to $150 million, with more than 60,000 traders destroyed.
- The largest liquidation order took place on Binance and was worth over $1.5 million.