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Bitcoin Soars to $31k, Sparking $108M in Liquidations

• Bitcoin (BTC) surged above $31,000 on Friday, pushing its total market cap back above $600 billion and its market dominance above 51.86%.
• Over $108 million in crypto market liquidations have occurred in the past 24 hours, affecting close to 36,000 traders.
• Some investors believe that continued enforcement action against the rest of the crypto space will cause Bitcoin dominance to keep rising.

Bitcoin Soars Above $31k

Bitcoin (BTC) surged back above $31,000 on Friday, pushing its total market cap back above $600 billion and its market dominance above 51.86%. The asset touched a high of $31,400 at 16:13 UTC and now trades for $31,117.

$108 Million In Liquidations

Data from Coinglass shows that over $108 million in crypto market liquidations have occurred in the past 24 hours, affecting close to 36,000 traders. “The largest single liquidation order happened on OKX – BTC-USDT-SWAP value $1.54M” the site states.

Outperforming Ether

Bitcoin continues to outperform Ether (ETH), which remains sequestered under $2000. MicroStrategy’s Michael Saylor believes that continued enforcement action against the rest of the crypto space will cause Bitcoin dominance to keep rising.

Impact On Traders

The surge has had an impact on many traders with close to 36,000 affected by liquidations totaling over $108 million in just one day – with one trader alone losing an estimated value of over 1M dollars due to a single liquidation order occurring on OKX – BTC-USDT-SWAP value .

Predictions Of Continued Growth

Many investors are predicting further growth due to increased enforcement action against other cryptocurrencies as well as digital assets such as Bitcoin continuing to outperform Ether (ETH). This may lead to further increases in Bitcoin’s total market cap and its overall market dominance within the cryptocurrency world.