Bitcoin rallied past the $27,400 mark on Monday before slightly retreating to now trade just above $26,800.
Bitcoin now accounts for 49% of the total cryptocurrency market cap.
Bitcoin Experiences A Rollercoaster Performance
Bitcoin, the world’s leading cryptocurrency by market cap, experienced a rollercoaster performance on Monday. BTC rallied by more than 3% on Monday to surpass the $27,400 mark, with bulls firmly in charge.
However, the rally was not sustainable as BTC’s price came crashing afterwards, with Bitcoin now trading just above the $26,800 mark. The rally past $27,400 was Bitcoin’s highest level since late August.
Bitcoin is currently up by 0.5% in the last 24 hours and is now trading at $26,801 per coin. Despite Bitcoin's retreating, some altcoins, such as Solana, Toncoin, Chainlink, and XRP, recorded impressive gains in the last 24 hours.
Bitcoin’s rollercoaster performance saw the liquidation of more than $100 million worth of leveraged trading positions over the past 24 hours. Short traders recorded a $60 million loss, while long traders suffered a $40 million loss over the last few hours.
The performance of the leading cryptocurrency in the last few days has seen it close in on an important milestone. The Bitcoin market dominance rate, which tracks the largest cryptocurrency's share of the total digital asset market, rose to 50.2% earlier on Monday before it dropped to 49% later on. 50.2% was the strongest level for Bitcoin in a month and was close to a 26-month high of 52% reached at the end of June.