Bitcoin
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BTC) soared to a nine-month high. This resulted in liquidations of short positions totaling over $200 million.
The price of bitcoin continues to show positive dynamics: over the past week, the asset has risen in price by 37%, and over the month – by 13%. At the time of writing, BTC is trading at $27,615.
In early March, the price of the main cryptocurrency briefly fell below $20,000 due to the decoupling of USD Coin from the dollar and the general negative news background. However, the recent collapse of several US banks has again pushed investors to look for alternative assets.
Markus Thielen, head of research at MatrixPort, told BeInCrypto that the price of bitcoin rose due to the bailout of depositors by the US government and the decline in the value of regional bank shares ahead of the market opening next Monday. Thielen added that if BTC can maintain its upward momentum, the next target would be $28,000 and then $30,000.
Bitcoin dominance hits nine-month high
Bitcoin dominance also hit a nine-month high of 46.54%, according to TradingView data. The last time it reached such a high level was in June 2022. Dominance reflects the share of BTC in relation to the rest of the crypto market. To calculate it, you need to divide the capitalization of bitcoin by the total capitalization of cryptocurrencies and multiply by 100.
Source: tradingview
In 2023, the main cryptocurrency has already outperformed traditional assets such as gold and the NASDAQ and S&P 500 stock indices.
Short position holders lost $200 million
Traders who took short positions were far less fortunate than others. According to Coinglass, 66,373 trades totaling $227 million have been liquidated on the market in the last 24 hours.
Source: Coinglass
Most of the liquidations, $108.06 million, were in bitcoin. The largest position worth $4.74 million was forcibly closed on BitMEX.
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