The price of Bitcoin (BTC) broke through $71,000 earlier on Tuesday, reaching a new high since June, with an increase of 7% over the last four days. After more than seven months of sideways movement, Bitcoin seems ready to challenge the historical high of approximately $73,700 set in early March of this year.
According to Coinglass data, 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 being liquidated, including short positions worth about $174 million. The largest single liquidation occurred on the Binance exchange for the BTCUSDT futures contract, valued at approximately $18 million.
Source: Coinglass Bitcoin's market capitalization share is close to 60%
Bitcoin initiated a new wave of price increase on October 11, with an increase of 18% over these 18 days. However, Bitcoin's rise did not lead to an overall increase in the cryptocurrency market. In comparison, the second-largest cryptocurrency by market capitalization, Ethereum (ETH), only rose by 9% during the same period, which has led to an increase in Bitcoin's market capitalization share (Bitcoin dominance, i.e., the proportion of Bitcoin's market capitalization to the total cryptocurrency market capitalization), which reached 59.75% before the deadline, marking a new high since April 2021.
Bitcoin's market capitalization share has changed from 2021 to now, source: TradingView
At the beginning of September, Bitcoin briefly dropped to around $53,000 during its last washout before this rebound, but has been on a rebound trend since then. From the price low on September 6, Bitcoin has increased by about 35% over the past month.
Ethereum has continued to fluctuate between $2,200 and $2,800, with a trading price of $2,600 before the deadline. The ETH to BTC price ratio 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 Coinglass data, the Bitcoin Fear and Greed Index was at 72 on Tuesday, indicating a state of 'Greed'.
Source
