The world’s largest cryptocurrency Bitcoin (BTC) suffered major volatility yesterday of around 5%, resulting in the liquidation of approximately $220 million long Bitcoin positions in the past 24 hours.
Data from the Bybit analytics platform suggests that over $560 million worth of long cryptocurrency positions have gotten liquidated in the past 24 hours. For Bitcoin, this includes over $220 million of long BTC positions in the same time frame with Ethereum standing second in massive liquidations of around $120 million long positions.
Besides the two leading cryptocurrencies, other digital assets to have suffered major liquidations in the past 24 hours alone include Ripple (XRP), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Polkadot (DOT).
Over 136,000 crypto trading positions were liquidated during the same time period. The largest single liquidation order was related to Bitcoin which happened on Bybit, the total value of which amounted to $7.17 million.
Following the massive liquidation, the crypto market went on a major price crash as the total market cap of all the cryptocurrencies dipped below $2 trillion for the first time in a week.
The total crypto market volume over the last 24 hours is $84.08 billion, making a 4.63% decrease from 2 trillion.
Currently, the total volume in DeFi is currently $12.94 billion 15.39% of the total crypto market 24-hour volume and the volume of all stable coins is now $64.04 billion, which is 76.16% of the total crypto market 24-hour volume.
Despite the leading cryptocurrency facing a huge dip, the overall Bitcoin network saw substantial growth in the last few days along with an increased market dominance.
Based on data from major analytics platform Glassnode, Bitcoin miners have increased their bag holdings after the recent selling in August.
“Bitcoin miners have been in accumulation mode over the last 6 months, with the unspent supply climbing by 13,000 BTC since January. After a small spend of 1,360 BTC in late August, it appears miner balances are increasing once again.”