In the last 24 hours, led by Solana (SOL), numerous altcoins have seen double-digit gains, resulting in approximately $150 million in liquidations and pushing over 50,000 investors out of the market. Despite Bitcoin‘s (BTC) modest 1.5% increase, altcoins have gained dominance in the market.
Recently, the market has been dominated by Solana’s SOL token and several memecoins on the Layer 1 Blockchain. SOL, which traded below $50 about a month ago, has since doubled in value, reaching $100 for the first time since late April 2022.
As a result, SOL has surpassed XRP in market value to become the fifth-largest cryptocurrency. It is currently trailing its closest competitor, BNB, by approximately $700 million.
Other major altcoins have also experienced significant gains in the daily timeframe. Cardano’s ADA and Avalanche’s AVAX both rose by 8%, Chainlink’s LINK by 9%, while Polkadot’s DOT and Internet Computer’s ICP jumped by 12% and 16%, respectively.
Despite Bitcoin trading just above the $44,000 mark, altcoins have increased their market dominance. According to CoinMarketCap, Bitcoin’s market dominance has decreased from 52% to 51.5%.
Data from CoinGlass reveals that the rise in altcoins has pushed 54,000 investors out of the market, with $150 million worth of positions liquidated in the last 24 hours. These figures highlight the impact of the sharp increase on investors holding short positions.