Name Price24H (%)
Bitcoin (BTC)
$39,127.00
-2.76%
Ethereum (ETH)
$2,457.54
-5.62%
Binance Coin (BNB)
$353.27
-5.11%
Cardano (ADA)
$1.52
-4.73%
Bitcoin Dominance Slips To 3-Year Low As Liquidation Hits $2...
Bitcoin, News

Bitcoin Dominance Slips To 3-Year Low As Liquidation Hits $2.5 Billion Longs

Yesterday’s Twitter feud between business tycoon Elon Musk and the crypto community had far-reaching consequences that went beyond the constant verbal sparring on the popular social media site. For the crypto market, it was a disaster.

Liquidation Galore In The Crypto Market

According to data from ByBit, a total of $2.4 billion worth of longs is liquidated in the past 24 hours as a result of the market crash caused by Elon Musk’s bearish Bitcoin tweets. Similarly, the total value of liquidated longs in the last 12 years is $1.16 billion.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said in a note posted on Twitter last Wednesday. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”

In the last 24 hours, a total of 303,836 traders were liquidated, with the highest single liquidation order on Huobi-BTC worth nearly $90 million.

Among the usual top digital assets like bitcoin, ether, XRP, and others, the hot cryptocurrency SHIB, which rose in popularity as a result of the growing popularity of dogecoin, saw nearly $43 million liquidated in SHIB longs.

The market was equally unforgiving of short sellers. According to ByBit numbers, a total of $441.5 million in shorts were liquidated yesterday as a result of the volatile price action in the crypto markets.

According to Datamish, over the last 24 hours, $34 million in longs were liquidated on BitMEX alone, while 417 BTC were liquidated on Bitfinex.

Related article | Raoul Pal Calls Out Bitcoin Maxis For Their Role In The Market Downturn

Bitcoin Dominance Slips Further

The global cryptocurrency industry’s flagship digital asset is losing market share as its market supremacy dwindles. According to CoinMarketCap and Coin360 reports, Bitcoin now has around 40% market share.

Ethereum (ETH) is currently the second most common cryptocurrency after Bitcoin, with a market share of 19.3 percent at the time of writing. Binance

Source: Coin360

Per the exact market capitalization, Bitcoin has tanked from over $1 trillion a few weeks ago to $843,071,072,876. Ethereum market cap is almost half that of BTC and comes in at $404,613,783,369 while Binance

BTC market dominance slips further. Source: TradingView

Related article | Bitcoin Price Dips Just Above $42,000 As Exchange Inflows Continues To Surge

Featured image from Pixabay, Charts from TradingView.com

Source: NewsBTC.com

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