The crypto economy experienced a 5.6% boost over the past 24 hours, reaching $2.07 trillion by Thursday. Bitcoin has soared past the $59,800 mark, while ethereum has exceeded $2,500 per coin. This rapid climb on Aug. 8 resulted in $212.59 million in derivatives liquidations across the entire crypto market within the last day.

Crypto Economy Spikes to $2.07 Trillion—Thousands of Traders Wiped Out in $212M Liquidation Wave

Bitcoin has seen a sharp increase in value over the last few hours, hitting an intraday high of $59,848 per coin. Ethereum also climbed to a high of $2,525 as the entire crypto market has enjoyed a 5.6% lift in the past day. Among the top performers of the day are SOL, XRP, and TON.

Global trade volume has seen a slight uptick since Wednesday, with Thursday’s figures showing around $94.99 billion, a 0.69% rise from the previous day. Currently, BTC’s market cap holds a dominant 56.5% share, while ETH’s market cap stands at 14.5% of the $2.07 trillion crypto economy.

The day’s climb triggered $212.59 million in liquidated leverage positions over the last 24 hours, according to coinglass.com data. Bitcoin took the lead, with $65.74 million in shorts wiped out on Thursday. Ethereum saw a different trend, with $62.54 million in long positions cleared.

Significant liquidations also occurred with SOL and XRP, both from short positions—SOL shorts faced $19.67 million in losses, while XRP shorts had $13.04 million liquidated. In total, $110.30 million of the day’s liquidations were longs. Coinglass reports that 59,781 traders were liquidated throughout the day.