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<p>Bitcoin is holding steady at $55,555 after experiencing dramatic price swings in the past day. Its market cap has climbed to $1.09 trillion, with a strong 24-hour trading volume of $101.85 billion.&nbsp;</p> 
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  <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd5N1xOQIb0s8hTFkZMZJGcplmNyFDXoxsHDg7mS1jfmPGdcq-Gnfk1WWel6clS8GkIT_OlBik_9_HAGXF8EtynizgmILTjQgmszPREuWzK-ESeS69g4wk19f9iqV-WsjJSwUfaG-n9oYCHzhtSlOCBvRUN?key=qZO_tsgECnaBPXwdAdnpQg" alt="coingecko BTC price">
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   Source: <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noreferrer noopener nofollow">coingecko</a>
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<p>This stability comes after a sharp drop on August 5, when Bitcoin’s price fell to $49,221 from about $58,350. It <a href="https://www.cryptotimes.io/2024/08/05/bitcoin-price-drops-10-to-52000-amid-global-market-panic/" target="_blank" rel="noreferrer noopener">dropped almost 10%</a> and has since bounced back to around $55,000, according to CoinMarketCap.</p> 
<p><strong>Market Liquidations</strong></p> 
<p>In the last 24 hours, Bitcoin liquidations have been significant, totaling $270.16 million. This includes $161.88 million from long positions and $108.28 million from short positions.&nbsp;</p> 
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  <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXepLW5hw2unjyOkP1ItJEH28QdJHBrWW1rX2fdYRRA7SjwLfL9FhXPWQB1DLI6zvNh7GREhNL39DoCNlQG5vubdzq-sPKrPBVhaVG_1vVCYHJbg80F2r9acZHgo951GybUtPiFmigCnlenfE16L2GiO8NfL?key=qZO_tsgECnaBPXwdAdnpQg" alt="Coinglass Liquidation">
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   Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>
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<p>In the past 24 hours, a total of $575.05 million in liquidations occurred. This included $335.12 million in long positions and $239.93 million in short positions. A total of 117,465 traders were liquidated, with the overall value reaching $439.12 million. The largest single liquidation order was for ETHUSDT on Binance, worth $13.42 million.</p> 
<p>Meanwhile, Ethereum has seen a notable rise, with its price increasing by 6% to $2,497.&nbsp;</p> 
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  <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdZwJns8IOujtokPMRGrsUbSp7TANY5PwQFsG2I7VThY9Ecu0jlOn-R8wEiGR9lRdfQ2eYxm4LsJcyOAdqsbRe2tCx2-3nNxzAi47J3Idm4iBYqB8OFI_z32iNLjMGx5rlRIu6J6KJ4bZwnw0UEaxeWJkmF?key=qZO_tsgECnaBPXwdAdnpQg" alt="Coingecko ETH price">
  <figcaption class="wp-element-caption">
   Source: <a href="https://www.coingecko.com/en/coins/ethereum" target="_blank" rel="noreferrer noopener nofollow">coingecko</a>
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<p>Ethereum’s market cap is now $300.55 billion, and its trading volume for the day is $51.86 billion. Ethereum liquidations amounted to $126.65 million, with $67.73 million from longs and $58.93 million from shorts.</p> 
<p><strong>Gains in Altcoins and Memecoins</strong></p> 
<p>Altcoins have also shown strong performances. Bitcoin SV (BSV) went up 6% to $37.65, Bitcoin Cash (BCH) rose 7.6% to $319.05. Solana (SOL) and AAVE surged 18.1% and 22% respectively.</p> 
<p>Memecoins have been particularly volatile. Dogecoin jumped 12.6% to $0.09974, Shiba Inu soared 18.5% to $0.00001388, Pepe increased 18% to $0.00000807, and Dogwifhat saw the largest rise, up 20% to $1.43.</p> 
<p>Bitcoin’s recent volatility, marked by a dramatic dip and recovery, underscores the market’s unpredictability. With significant liquidations and Ethereum’s 6% rise, these fluctuations impact broader market sentiment. The strong performance of altcoins and memecoins suggests a shifting focus.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>Also Read: <a href="https://www.cryptotimes.io/2024/08/06/crypto-fear-index-hits-extreme-low-amid-168m-etf-outflows/" target="_blank" rel="noreferrer noopener">Crypto Fear Index Hits Extreme Low Amid $168M ETF Outflows</a></p> 
</blockquote>

Bitcoin Recovers to $55K Amidst Major Market Liquidations

The Crypto Times

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