The price of Bitcoin (BTC) broke through $71,000 earlier on Tuesday, marking a new high since June, with an increase of 7% over the last four days. After more than seven months of sideways fluctuations, Bitcoin seems ready to challenge the historical high of about $73,700 set in early March this year.
According to data from Coinglass, as Bitcoin continues to rise, the total liquidation amount across the network in the past 24 hours reached $242 million, with nearly 73,000 people liquidated, including short positions worth about $174 million. The largest single liquidation occurred on Binance's BTCUSDT futures contract, valued at approximately $18 million.
Source: Coinglass Bitcoin's market capitalization percentage is close to 60%
Bitcoin started a new wave of increases on October 11, with an increase of 18% over these 18 days. However, Bitcoin's rise did not drive an overall increase in the cryptocurrency market; in comparison, the second-largest cryptocurrency by market capitalization, Ethereum (ETH), only rose 9% during the same period, causing Bitcoin's market capitalization percentage (Bitcoin dominance, the ratio of Bitcoin's market capitalization to the total market capitalization of cryptocurrencies) to continue rising, reaching 59.75% before the deadline, a new high since April 2021.
The change in Bitcoin's market capitalization percentage from 2021 to the present, source: TradingView
At the beginning of September, Bitcoin dropped to around $53,000 during the last washout before this rebound, but has been in a rebound trend since then. From the low price point on September 6, Bitcoin has risen about 35% over the past month.
Ethereum continues to fluctuate between $2,200 and $2,800, with a trading price of $2,600 before the deadline. The price ratio of ETH to BTC briefly fell below 0.036 yesterday, marking a new low since April 2021. The ETH/BTC ratio before the deadline was 0.0367.
According to data from Coinglass, the Bitcoin Fear and Greed Index was at 72 on Tuesday, indicating 'Greed'.
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