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.
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).
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