Bitcoin and Ethereum Dominate Amid High Liquidations

October 12, 2024—According to trading volume and circulation, the global crypto market raised $2.19 trillion with more than 30561 trading tokens. The total trading volume over the 24 hours reached a staggering $65.53 billion.

Under these market features, the price of Bitcoin ($BTC) was $62,720, increasing the market share by 56.7%. The price for Ethereum ($ETH) was $2,444, with the percentage of ETH dominance at 13.5%. Phoenix, a crypto analytical platform, has shared the stats of the crypto market status through a social media platform, X.

Crypto Market Activity and Key Currencies

Bitcoin regularly maintains its dominant position. At the same time, Ethereum takes a less significant but still impressive part of the market. Bitcoin and Ethereum remain on top, and the total value locked(TVL) in DeFi has surged to 129.59B. The trading activity has been especially significant, with the average price of Ethereum gas being 9 gwei.

Altcoins’ Price Bounce and Dip Performance

As market volatility persists, NEIRO has emerged as one of the key movers. The cryptocurrency recorded a dip of 6.22% but bounced back with an impressive 38.86% recovery, demonstrating resilient price action.

Similarly, other digital assets like ENA and SUI saw significant fluctuations, with ENA dipping 4.10% and SUI bouncing 22.96%. These movements underscore the dynamic nature of the market, where quick recoveries remain common

Liquidations within the market have also been noteworthy. Bitcoin saw liquidations totaling $38.55 million, the highest among the assets, followed by Ethereum, which accounted for $17.55 million.

Other assets, including NEIRO and SUI, faced liquidations of $12.3 million and $8.91 million, respectively. The volatility of these liquidations highlights the risk and reward landscape that traders navigate.