Bitcoin trades accounted for more than 50% of the total liquidations.
After several days of relatively low volatility, the price of bitcoin finally headed north, reaching a two-week high of over $30,000 (per CoinGecko).
The uptrend resulted in approximately $81 million in liquidations, with short positions representing around 80% of the total share.
Bitcoin’s recent consolidation at approximately $29,000 has finally gone in a positive direction (at least for the bulls). The price of the asset spiked above $30,100 a few hours ago (according to CoinGecko’s data) before calming down to its current level of almost $29,800.
Source: TradingView
The last time BTC surpassed the $30K milestone was on July 24 (a few days before the US Federal Reserve announced a fresh interest rate hike by 25 basis points).
The primary cryptocurrency was not the only digital asset to record a rally in the last few hours. Solana (SOL) is up nearly 6%, XRP gained 3.7%, and ETH climbed 2%.
Somewhat expectedly, the price increases affected over-leveraged traders. CoinGlass revealed that the total value of liquidations for the past 24 hours exceeded $80 million.
Bitcoin trades comprised over $42 million of the figure. ETH ($8.1 million), SOL ($3.2 million), XRP ($2.9 million), and BCH ($2.2 million) rounded up the top 5.
BTC has also slightly increased its dominance against alternative coins.
It currently represents 47.1% of the total market share, whereas the figure was around 46.7% at one point yesterday (August 8).
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.
