Bitcoin drawn back toward $40k as market capitalization recovers $30 billion Bitcoin drawn back toward $40k as market capitalization recovers $30 billion
Bitcoin's improved price liquidated roughly $160 million from crypto traders who held positions on the market.
2 min read
Updated: Jan. 24, 2024 at 6:07 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin’s price reclaimed the $40,000 threshold after trading below the mark during the last two days.
According to CryptoSlate’s data, the top cryptocurrency spiked by around 4% during the last 24 hours, peaking at nearly $40,500 today, Jan. 24, before slightly retracing to $39,997 as of press time.
Experts have attributed BTC’s poor performance during this period to selling pressure from the derivative market. However, CryptoSlate Insight identified a significant uptick in the top currency whales’ activity, suggesting that this cohort was buying, even as the price dipped under $40,000.
Meanwhile, the price gain enabled Bitcoin’s market capitalization to increase by around $30 billion to $785 billion during the reporting hours.
Similarly, Bitcoin’s improved fortunes triggered a general trend reversal for the crypto market, with several large-cap alternative cryptocurrencies, including Ethereum, Solana, and XRP, reporting significant gains during the reporting period.
The broader crypto industry rose 3.26% in the last 24 hours to $1.56 trillion.
Nearly $160M liquidated.
Coinglass data reveals the significant market shakeup liquidated $156 million from 55,036 traders within the past day.
Short traders—those speculating on price declines—experienced losses totaling $83.77 million, while their long counterparts, expressing more bullish sentiments, incurred losses amounting to $72.48 million.
Bitcoin led liquidations, accounting for a substantial $51.22 million. The asset price reversal caused short traders to lose $35.25 million, while long traders faced a $15.97 million setback.
Ethereum traders were not spared, registering losses of $41.45 million, with $24.5 million attributed to long trades and $16.95 million to shorts. Noteworthy is the largest single liquidation event—a $3.69 million short position on ETHUSDT, occurring on the Binance platform.
In addition to the major cryptocurrencies, traders involved with Solana, Sui Protocol, and Ordinals also experienced losses, amounting to $8.99 million, $4.1 million, and $3.80 million, respectively.
When examining the distribution of liquidations across exchanges, Binance, boasting the highest trading volume, dominated with a 45.31% share, followed closely by OKX at 33.26%. Binance and OKX have witnessed liquidations totaling $72.23 million and $53.03 million, respectively.
Bitcoin Market Data
At the time of press 6:07 pm UTC on Jan. 24, 2024, Bitcoin is ranked #1 by market cap and the price is up 1.56% over the past 24 hours. Bitcoin has a market capitalization of $786.61 billion with a 24-hour trading volume of $23.39 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 6:07 pm UTC on Jan. 24, 2024, the total crypto market is valued at at $1.56 trillion with a 24-hour volume of $55.92 billion. Bitcoin dominance is currently at 50.40%. Learn more about the crypto market ›
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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