The world’s pioneering cryptocurrency dropped nearly 20% yesterday alongside Litecoin, Ethereum and other currencies which suffered more losses in comparison. The volatility spike saw approximately $3.4 billion worth of long trading positions liquidated in 24 hours.
According to bybt.com, a leading on-chain data platform, Tuesday’s market sell-off liquidated over $1.3 billion worth of long Bitcoin positions. Ethereum came in second place with over $900 million worth of long ETH positions liquidated.
During the Asian trading hours on September 7th, Bitcoin touched the high of nearly $53,000. As market optimism crept in, the asset began to slide and ultimately dropped 20% during the US session and reached a low of $42,100 on some exchanges. Just after, BTC recovered quickly and reached $46,000 on Wednesday.
Bitcoin trades near this price point with a market cap of $875 billion at the time of publishing.
On the other hand, Ethereum crossed $3,900 during yesterday’s move, but dropped substantially during US trading hours and touched a low of $3,060. The asset followed bitcoin and also recovered to $3,450 on Wednesday.
Apart from Bitcoin and Ethereum, the recent volatility in the crypto market liquidated massive trading positions in XRP, Solana, ADA, DOGE, FIL, and Ethereum Classic. According to bybt.com, nearly $220 million worth of long XRP positions were liquidated in the last 24 hours. Solana saw liquidations of over $80 million worth of long trading positions.
Despite the latest dip, SOL saw a near full recovery back to all time highs before bleeding to $160 at the time of writing.
Meanwhile, Litecoin followed Bitcoin, losing 30% in the same period before recovering. The Litecoin foundation just announced smart contracts, DAOs, Tokenised Assets and NFTs on the platform in a bid to build an ecosystem of decentralised finance. Litecoin exchanges hands at $178 at the time of writing.
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