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Bitcoin Rebounds after the Recent Crypto Market Correction

Bitcoin, the most valuable digital asset in the world, experienced a strong price rebound over the past 12 hours. The total market capitalization for BTC was $640 billion. This is an increase of about $100 billion from its recent lows. Yesterday’s Bitcoin price plunged below $29,000 for only the second time since January 2021.

The latest data from Coinmarketcap shows that BTC has risen by more than 15% over the past 12 hours. The Bitcoin market dominance is currently at 47%. This is the highest level since May 20,21.

“Bitcoin temporarily fell below half its all-time high, which was just 2 months ago when it was below $30k. There are signs that things could be changing. The reward for those who have stuck with Bitcoin during the crypto downswing has been much greater than that of high-risk altcoin trader. BTC has fallen only -4.5% in the last 3 days due to volatility while DOGE (-26.1%) and other altcoins dropped hard,” crypto analytics platform Santiment stated on Twitter.

Bitcoin Liquidations

Massive liquidations took place across the crypto market due to market volatility. Bybt.com reported that more than 200,000 trading positions were liquidated in the past 24 hours. According to the analytics company, more than $600,000,000 worth of Bitcoin positions were corrected in the most recent correction.

Ethereum, the second-largest cryptocurrency in the world, was second with $184 million worth of liquidations within one day. In total, liquidations of more than $1 billion were recorded in the past 24 hours. Glassnode, an international market research firm that specializes in on-chain markets, reported earlier this week a substantial drop in Bitcoin network activity. According to the company, the number of active Bitcoin addresses dropped by almost 25% over the past few weeks. The total daily USD settlements on the Bitcoin network reached $18 billion in June 2021. This is an approximately 63% decrease from the May 2021 highs.

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