Market Correction Results in A $100 B Increase of Bitcoin
Bitcoin has seen a remarkable price bounce-back in the last 12 hours, with the overall market cap reaching $640 billion, a $100 billion increase from recent lows. As the world's most valuable digital asset, Bitcoin dove below $29,000 for the first time since January 2021 yesterday.
Bitcoin soared up more than 15% in the last 12 hours, shown by Coinmarketcap data. The price rebound led to a huge increase in the digital asset's total market dominance, which now stands at roughly 47%, the highest level since May 2021.
"Bitcoin was temporarily below half of its all-time high value that was reached just 2 months ago after it dropped below $30k today. However, there are signs of a potential turnaround. Those who have stayed strong in Bitcoin on the crypto downswing have been relatively rewarded compared to high-risk altcoin traders. BTC has fallen just -4.5% the past 3 days through the volatility, while DOGE (-26.1%) & other altcoins have dropped hard," crypto analytics platform, Santiment mentioned on Twitter.
The recent market volatility caused massive liquidations in the market. Over 200,000 trading positions were liquidated in the last 24 hours.
As the second largest cryptocurrency in the world, ETH came in second with $184 million in one-day liquidations. More than $1 billion in liquidations were recorded in the last 24 hours. Glassnode, a renowned on-chain market intelligence firm, reported a dramatic reduction in Bitcoin network activity earlier this week. It is reported that the overall number of active Bitcoin addresses has plummeted by roughly 25% in the last several weeks. Furthermore, in June 2021, the total daily USD value settled on the Bitcoin network was nearly $18 billion, a dramatic drop of around 63% from the recent highs of May 2021.
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