Led by Solana, many altcoins registered massive gains over the past day or so, leaving nearly $150 million worth of liquidated positions, with a total number of wrecked traders standing well above 50,000.
At the same time, the alts have reduced BTC’s dominance over them by half a percent, as bitcoin’s price is up by just 1.5% today.
The past few weeks have been predominantly dominated by Solana, its native token, and several meme coins operating on its layer-1 blockchain. The price of SOL has been particularly impressive as it stood below $50 just over a month ago and earlier today shot up to $100 for the first time since late April 2022.
This resulted in SOL surpassing XRP as the fifth-largest cryptocurrency yesterday. Moreover, Solana also took the fourth spot today, following the 17% surge now.
This comes despite BNB’s surge of 7%, which has taken it to a multi-month peak of its own at $275.
Most other larger-cap alts have also posted impressive daily gains. These include Cardano (8%), Avalanche (8%), and Chainlink (9%). Polkadot and ICP have even soared by double digits, with 12% for DOT and 16% for the latter.
With BTC standing at just over $44,000, these gains from the alts mean that bitcoin’s dominance over the market has been reduced by 0.5% and is under 52% on CMC now.
Additionally, the rallies by the altcoins have harmed over-leveraged traders, with 54,000 getting wrecked in the past day, according to CoinGlass data. The total value of liquidated positions within the same timeframe stands close to $150 million.
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