Over the past 24 hours, bitcoin surged to a multi-year high of over $56,000, as spot bitcoin ETF trading volume increased.

The largest digital asset by market cap has increased by over 10% in the past 24 hours, changing hands for $56,566 at 5:46 a.m. ET. 

The spike in prices over the past day led to a substantial liquidation of short positions on centralized exchanges. The volatility resulted in the liquidations of more than $188 million in bitcoin positions, with the majority ($164.89 million) being shorts, according to CoinGlass data.

Major altcoins such as SOL, the native coin of the Solana network, and ether also posted daily gains of 9% and 6% respectively, according to The Block's Prices Page.