Bitcoin and Ethereum Lead $100 Billion Crypto Market Jump

Bitcoin and Ethereum saw strong gains in the last 24 hours as the overall crypto market cap spiked by more than $100 billion within a single day. Ethereum remained the best performing digital currency among the top 10 with a substantial gain of 8% within the last 24 hours.

According to the latest data published by Coinmarketcap, Bitcoin’s market cap touched $600 billion on Thursday 22 July after BTC crossed $32,000. The total market dominance of Bitcoin currently stands at around 46%.

Today, Ethereum crossed the price level of $2,000 for the first time in the last seven days. Currently, the world’s second-largest cryptocurrency is trading above $1,980 with a market cap of over $230 billion. ETH has a market dominance of approximately 18%.

Bybt.com, a leading crypto analytics platform, highlighted that the latest $100 billion crypto market recovery liquidated more than $330 million worth of short positions. Additionally, 71,000 crypto trading positions were liquidated in the last 24 hours.

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Bitcoin Volatility

BTC saw a surge in volatility near the $30,000 price level. Earlier this week, bearish Bitcoin traders managed to push the price below $30k, but the latest bullish rally has pushed the price above $32,000. Glassnode, a well-known on-chain analysis firm, published its weekly report recently and mentioned a rise in the accumulation of BTC miners and a positive net entity growth of Bitcoin.

“Miners are in net accumulation suggesting sell pressure due to the Great migration is being mitigated or offset by accumulation by profitable miners. Long-term holders and bull market HODLers appear unshaken by volatility and lower prices. The volume of coins held in an illiquid state continues to grow, and the potential supply squeeze is coming from a much higher base than the 2018-19 bear market. This demonstrates the remarkable conviction of BTC holders to weather extreme volatility,” Glassnode highlighted in the weekly report.

During the first half of July 2021, Bitcoin mining industry showed some signs of recovery.