The global digital asset market experienced a surge in green indexes on Wednesday, with many altcoins shining brightly while Bitcoin (BTC) remained indecisive. The cumulative crypto market cap climbed by 1.47% over the past day, reaching approximately $2.47 trillion. Additionally, the total market volume surged by around 12%, reaching $73.25 billion.
Market Movement and Liquidations
Despite the positive market movement, data reveals that liquidations amounted to $117.67 million in the last 24 hours. The largest single liquidation order occurred on the crypto exchange OKX, involving ETH-USD-SWAP valued at $6.00 million.
Of the total liquidation amount, approximately 50.8% (valued at around $59.77 million) came from long bets on the crypto’s movement. Short bets, on the other hand, accounted for $57.9 million in liquidations. This suggests that the market is at a pivotal point post-Bitcoin halving.
Altcoins’ Performance
While Bitcoin awaits a bullish move, several altcoins have seen significant gains. This coincides with the Fear and Greed Index shifting its indicator to “Greed” from neutral sentiments.
Hedera (HBAR) emerged as the top gainer of the day, with its price surging by more than 50% in the last 24 hours. HBAR is currently trading at an average price of $0.13, with its trading volume soaring by 6804% to $2.97 billion. Hedera’s market cap exceeds $4.44 billion.
BONK, a popular meme coin, is the second-largest gainer, with its price jumping by over 30% in the last 24 hours. Despite facing competition from trending meme coins like WIF and PEPE, BONK is trading at an average price of $0.000027.
Algorand (ALGO), another major altcoin, saw a price surge of 20% over the past day. ALGO is trading at an average price of $0.23, with its 24-hour trading volume skyrocketing by 964% to $486 million.
These bullish movements in altcoins contrast with Bitcoin’s modest growth of just 2% over the last 30 days and 0.38% in the past 24 hours. Bitcoin is currently trading at an average price of $66,410.