The cryptocurrency market cap dropped below $1.8 trillion on Friday after the recent crash in Bitcoin and other digital assets. Bitcoin dipped below $49,000 today for the first time since 7 March 2021.
According to the latest data published by Coinmarketcap, the overall value of cryptocurrency assets dropped by more than $250 billion in the last 24 hours. As of writing, the total market cap of cryptocurrencies stands at around $1.76 trillion.
The latest crash in Bitcoin and other cryptocurrency assets has triggered massive liquidations across different digital exchanges. According to the latest data published by crypto analytics platform, Bybt.com, approximately 580,000 cryptocurrency traders were liquidated in the last 24 hours. The largest single liquidation was reported on Huobi.
Bybt.com mentioned that approximately $3.1 billion worth of long cryptocurrency positions were liquidated in a single day. Bitcoin accounted for liquidation of nearly $1.2 billion worth of long positions, followed by Ethereum, XRP and Dogecoin (DOGE).
The cryptocurrency market cap has seen a significant surge this year as the total value of digital currencies jumped from approximately $750 billion to as high as $2.2 trillion within the last 15 weeks.
The recent crash in digital currencies has accelerated the network activity of crypto whales. According to the latest data published by Whale Alert, a blockchain tracking and analytics firm, cryptocurrency whales have started moving their digital assets in large amounts amid high volatility in digital currencies. Whale Alert highlighted a move of 3,002 Bitcoin to an unknown wallet on 23 April at 1:48 UTC. The total value of the transaction stands at around $150 million. The blockchain tracking firm also mentioned the movement of 100,000 Ethereum (ETH) worth nearly $230 million to an unknown cryptocurrency wallet.
The overall volatility across the crypto market has surged significantly in the last 24 hours. Cryptocurrency assets like Dogecoin (DOGE) and XRP have lost more than 20% within the last few hours. Furthermore, Binance Coin (BNB), Litecoin (LTC) and Cardano (ADA) are down by more than 10%.