Binance Coin (BNB) and Ethereum (ETH) jumped by more than 10% in the last 24 hours as the overall market cap of cryptocurrencies gained approximately $200 billion within a single day. The crypto market came back strongly after losing nearly $250 billion last week.
According to the latest data published by Coinmarketcap, Binance Coin touched $550 on Monday after a jump of approximately 10% in the last 24 hours. Currently, BNB has a market cap of more than $82 billion.
Ethereum, the world’s second-most valuable cryptocurrency, remained the best-performing digital asset among the top 5. Additionally, ETH surged by more than 12% within a single day and registered an all-time high of $2,630 on 22 April. Presently, ETH is trading near $2,450 with a market cap of nearly $280 billion.
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The latest surge in Binance Coin and Ethereum is causing a plunge in Bitcoin’s overall market cap. The total market dominance of the world’s most valuable digital currency dropped below 50% over the weekend for the first time in nearly 3 years.
Market Dominance of Binance Coin and ETH
Contrasting to Bitcoin, the overall market dominance of Binance Coin and Ethereum has surged significantly during the last few months. Ethereum currently accounts for approximately 15% of the total crypto market cap. Moreover, the world’s 3rd most valuable digital currency Binance Coin accounts for nearly 4% of the total crypto market cap. Also, XRP, Cardano and Dogecoin posted strong gains in terms of the market cap in the last few weeks.
The crypto market has seen several corrections since the start of this year, but the latest recovery was quicker than any other in the past few months. The recent $200 billion crypto market cap recovery triggered massive liquidations of short positions. According to the latest data published by crypto analytics firm, Bybt.com, nearly $70 million worth of short crypto positions got liquidated during the last 4 hours. Furthermore, a total of 182,000 traders were liquidated in the past 24 hours.