In a major turnaround on Monday, Bitcoin bounced above the $43,000 price level for the first time since 20 January. With that, the overall market cap of the most dominant crypto asset breached $800 billion.
Due to the surge in the price of BTC, short crypto traders faced a major setback. According to Coinglass, around $60 million worth of short Bitcoin positions were liquidated within a single day. Overall, bearish crypto traders lost approximately $125 million in the last 24 hours.
Commenting on the recent bullish movements in the crypto market, Simon Peters, a Market Analyst at eToro, said: “The world’s largest crypto asset began the week trading below $38,000 but soared on Friday, bursting back above $40,000. After more rises over the weekend, BTC is now trading above $42,000, a rise of 13% in seven days. BTC has now risen some 29% from its 2022 low of $32,962 set on the eToro platform on 24 January.”
“ETH set a 2022 low on 24 January of $2,169 on the eToro platform. The crypto asset has now rebounded some 41%,” Peters added.
Liquidations
The liquidations of short crypto trading positions spiked across the market. Bearish Ethereum traders lost nearly $30 million, followed by holders of GALA, MANA, SHIB and XRP. The price surge in digital currencies came because of a major change in market sentiment. Social media trends indicate that the retail crypto frenzy is slowly coming back.
“The discussion rate of the word pump on crypto social circles has hit a 3-week high, as Bitcoin has made another end-of-week rally to rebound to $42k. Watch carefully for crowd doubt to imply whether the rally can punish those spreading FUD,” the crypto analytics platform, Santiment noted in a recent Tweet.
Bitcoin’s crypto market dominance crossed 41% on Monday.
