Bitcoin, the world’s most valuable cryptocurrency, has gained nearly 8% in the past 24 hours.
Bitcoin jumped above $37,500 today and touched a total market capitalization of $700 billion.
The recent jump in the price of Bitcoin led to massive liquidations in the cryptocurrency market.
According to the latest data published by the analytics platform “bybt”, which indicates the liquidation of more than 400 million dollars of short positions in the last 24 hours.
The term short positions is a reference to traders who are betting on the downside.
The liquidation includes approximately $320 million of short Bitcoin trades along with $70 million of Ethereum short trades.
Bybt data also shows that nearly 70,000 crypto traders were liquidated within a single day.
The largest Bitcoin liquidation order occurred on the Huobi trading platform, with a value of approximately $5 million.
Large liquidations were also seen in the cryptocurrency XRP and DOGE.
Bitcoin saw a rebound today, June 10, after the digital currency dropped to nearly $31,000 last Tuesday.
The recent jump in the price of bitcoin has caused a sharp rise in the dominance of bitcoin in the cryptocurrency market.
Bitcoin dominates the market at 43%, up from 41% at the beginning of this week.
Santiment, a blockchain tracking and analysis company, recently highlighted an increase in the accumulation of bitcoin through large bitcoin addresses.
In a tweet Thursday, the company said that bitcoin whale addresses have collected more than 80,000 bitcoins in the past month.
As indicated by the company “Santiment” the following:
Bitcoin has jumped again over $37,000 today, while Ethereum and altcoins are still flat.
As a result, the public’s interest in Bitcoin soared and interest increased and reached its highest level in 3 weeks.
Bitcoin whales are not slowing down their accumulation, and the upward trend for addresses holding over 1,000 Bitcoin continues.
This is a strong confidence indicator for the bulls, as major key stakeholders are increasing and filling their bags.
Bitcoin is currently trading near $36,900 with a market capitalization of $690 billion.
The total market capitalization of cryptocurrencies in general is now around $1.60 trillion, an increase of nearly 4% in the last 24 hours.