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Solana‘s (SOL) leadership resulted in many altcoins gaining double-digit percentages over the last 24 hours, causing approximately $150 million in liquidations. These liquidations wiped out over 50,000 investors from the market, pushing them out of the market. During the same period, the price of the largest cryptocurrency Bitcoin‘s (BTC) increased by 1.5%, but altcoins’ market dominance increased.
Solana’s SOL Takes the Fifth Spot
In the past few weeks, the market has been predominantly dominated by Solana’s SOL and several memecoins launched on the Layer 1 Blockchain. SOL, which was trading under $50 about a month ago, has since doubled in value and reached $100 today for the first time since late April 2022.
As a result, SOL surpassed XRP in market value to become the fifth-largest cryptocurrency. Currently, the closest competitor to SOL is BNB, with a gap of approximately $700 million.
$150 Million Evaporates with Altcoin Rise
Other major high-volume altcoins have also seen impressive gains within the daily timeframe. Cardano’s ADA is up 8%, Avalanche‘s AVAX is up 8%, Chainlink’s LINK is up 9%, Polkadot’s DOT and Internet Computer’s ICP have increased by 12% and 16% respectively.
Despite BTC trading just above the $44,000 level, the gains recorded by altcoins have increased their dominance in the market. According to data provided by the crypto data and price platform CoinMarketCap, Bitcoin’s market dominance has decreased from 52% to 51.5%.
On the other hand, data presented by CoinGlass indicates that the rise in altcoins has pushed 54,000 investors out of the market. The data shows that positions worth $150 million were liquidated in the last 24 hours. These figures suggest that the sharp increases particularly hit investors who had taken short positions.
