Bitcoin BTC +1.61% long liquidations have spiked since yesterday as the price of the largest cryptocurrency dropped below the $63,000 mark.

There were over $47.9 million in Bitcoin long liquidations across centralized exchanges in the past 24 hours — out of a total of $49 million in liquidated BTC positions, according to data from Coinglass. The broader cryptocurrency market saw over $161 million in liquidations, with around $153 million in long positions.

Ether, the second-largest cryptocurrency, also faced significant liquidations, with over $29.1 million liquidated — of which $28.5 million were long positions.

Liquidations happen when a trader’s position is automatically closed due to insufficient funds to sustain it, typically caused by market fluctuations that erode their initial margin or collateral.

Bitcoin, the largest digital asset by market cap, is currently trading at its monthly low of $62,270 — and down over 3.2% in the past 24 hours, according to The Block’s price page. The current price is 15% below the all-time high of $73,740 reached on March 14.

Bitcoin price chart | Source: The Block

Meanwhile, major altcoins have registered bigger drawdowns since yesterday. Data shows ether posting a drop of 4% to $3,371 over the past day, while SOL saw a 7% drop — currently trading at the $125 mark.

The GMCI 30 Index, representing a selection of the top 30 cryptocurrencies, fell 4% to 124.9 in the same period.

Bitcoin’s market dominance stands at 51.5%, while ether’s dominance is at 17.3%, according to Coingecko data. The global cryptocurrency market cap has decreased by around 3.5% in the past day — now standing at $2.38 trillion.