Crypto Bulls Return with $200 Billion Rally

October 1, 2021

Crypto bulls made a strong comeback on 1 October 2021 after Bitcoin, the world’s most valuable digital currency, added nearly $100 billion to its market capitalization.

According to the latest data published by Coinmarketcap, the overall market cap of digital assets jumped by approximately $200 billion on Friday. The recent crypto rally was led by Bitcoin and Ethereum. BTC and ETH spiked by more than 10% in the last 24 hours.

Apart from the world’s top 2 digital assets, several other digital currencies including Cardano (ADA), Binance Coin (BNB), XRP, and Solana (SOL) also saw immense demand today. The overall market cap of crypto assets touched the high of $2.1 trillion on Friday.

Due to the latest crypto market rally, the liquidation of short cryptocurrency trading positions increased significantly on 1 October. According to bybt.com, one of the leading crypto analytics platforms, nearly $300 million worth of short crypto positions got liquidated due to the recent bullish moment in digital assets. Bitcoin accounted for the liquidation of more than $150 million worth of short trading positions. The biggest liquidation happened on the Bitmex exchange with a total value of more than $9.7 million.

Bitcoin’s Crypto Market Dominance

The latest crypto rally triggered a jump in the overall market dominance of Bitcoin. According to Coinmarketcap, BTC now accounts for more than 43% of the overall crypto market cap, its highest level in 4 weeks. In September 2021, Bitcoin fell behind other crypto assets in terms of price gains. However, the start of October indicates that the world’s most valuable digital asset is here to compete with other cryptocurrencies. While BTC saw a spike in its market dominance, ETH saw a slight drop. Ethereum now accounts for 18.3% of the overall market value of digital currencies.

Bitcoin is currently trading above $47,000 with a market cap of $900 billion. On the other hand, the price of Ethereum is trading above the important level of $3,200.

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