Over $130 million in cryptocurrency short positions were liquidated in the past 24 hours on centralized cryptocurrency exchanges, according to Coinglass data.

The bitcoin market experienced increased volatility over the past day, with the price spiking above the $51,000 mark. This price action caused the wipeout of over $93 million in bitcoin positions — with almost $70 million being shorts.

Bitcoin's value has appreciated by over 21% since the beginning of February, with the foremost cryptocurrency's dominance now standing at 50%, compared to 16.3% for ether.

On Wednesday, the entire cryptocurrency market capitalization rebounded back above $2 trillion — a high not seen since April 2022. Bitcoin increased by almost 3% in the past 24 hours, trading for $51,521 at 5:40 a.m. ET, …