#BTC/USDT: Nears $69,000 Peak as Altcoins Record Impressive Gains

According to CryptoPotato, Bitcoin (BTC) has come close to its previous peak of approximately $69,000, with its price gradually climbing over the last several months. The real bull run appears to have started last month, with BTC's rally in February marking the longest monthly green candle in its 15-year history. In early March, the primary cryptocurrency consolidated at around $61,000-$62,000 for a few days before taking off again on March 4, reaching as high as $68,700 before slightly retracing to its current level of $67,700.

Altcoins have also recorded impressive gains, adding to the overall bullishness in the sector. Ethereum (#ETH✅ ) reached a two-year high of over $3,700, while popular meme coins Dogecoin (#DOGE🔥🔥 ) and Shiba Inu (#SHIBA✅🚀 ) are up 18% and 80% on a daily scale, respectively. The massive green wave in the industry has resulted in millions of dollars of liquidations. According to CoinGlass, the amount for the past 24 hours equals $450 million, with 60% of the sum being short positions. BTC trades comprised over $130 million of the total figure, while ETH followed second with $60 million. DOGE and SHIB have also collectively accounted for around $60 million in short positions.

Bitcoin's surge to its historic peak comes more than a month before the halving, which will reduce the rate at which new BTC are mined. As a result, miners will start receiving 3.125 BTC (instead of 6.25 #BTCPrize ) for validating new blocks on the blockchain. Historically, the halving has been followed by a bull run for the leading digital asset and a market boom, meaning the rally might be far from over.