Bitcoin (BTC), the first cryptocurrency, is spearheading a surge in the crypto market, showing positive gains across the board.
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Bulls appear determined to drive prices to new highs in 2024. However, this surge in Bitcoinâs value, aimed at surpassing its all-time high (ATH) of $69,000, has disappointed a significant number of short traders.
Bitcoin Regains $1 Trillion Market Cap Amidst Ongoing Rally
Bitcoinâs price has surged by another 3% in the past 24 hours, marking a remarkable uptick of over 20% in the last seven days. Currently trading at an average price of $51,620, Bitcoinâs recent rally has propelled its market capitalization back above the $1 trillion mark.
This milestone achievement comes after Bitcoin initially reached the $1 trillion market cap milestone back in December 2021. Since then, Bitcoin has experienced fluctuations in the market, but its recent surge has led to a resurgence in its market capitalization. Notably, the global market cap has also seen significant growth, rising by more than 2% over the past day to reach $1.92 trillion.
With its market capitalization surpassing $1 trillion once again, Bitcoin now stands ahead of major companies like Berkshire Hathaway, Walmart, and Tesla. Despite concerns surrounding higher-than-expected US inflation data released earlier in the week, Bitcoinâs rally has continued unabated.
Crypto Liquidations and Market Sentiment Analysis
Coinglass data reveals that within the last 24 hours, over 58,000 traders faced liquidation, resulting in the closure of positions totaling $222.28 million across both long and short positions. Notably, the largest single liquidation order, valued at $10.20 million, occurred on the OKX exchange for the BTC/USDT-SWAP pair.
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Further analysis of the liquidations indicates that approximately $136 million worth of positions liquidated in the past day were short bets, with an additional $90 million in short bets liquidated within the last 4 hours. This trend suggests that traders may have anticipated a market downturn following a significant surge in the overall crypto market.
Also Read: Bitcoin's Bull Run Starts; Analyst Forecasts $55K Before Halving
Despite fluctuations, Google Search Trends show a sustained interest in Bitcoin, with a current popularity rating of 18, although it remains below its peak. This suggests that while mainstream interest in Bitcoin continues to grow, there is still room for further expansion, potentially contributing to its ongoing upward trajectory.
In tandem with Bitcoinâs rally, major altcoins like Ethereum and Cardano have also seen positive movement, with prices surging by more than 2% and 4%, respectively. Ethereum is now trading above the $2,700 mark, signaling confidence in the broader crypto market rally.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
