- The market has witnessed a second significant BTC price surge.
- Altcoins have followed suit, outperforming expectations in the last 24 hours.
- Liquidation events have hit traders as BTC has climbed to a 10-week high.
After a prolonged period of sideways actions, Bitcoin’s volatility has finally woken up from its slumber. The initial jolt came with the eruption of fake news concerning an approved Bitcoin Exchange-Traded Fund (ETF). However, this second ascent is primarily driven by market sentiment rather than groundbreaking news.
Bitcoin Celebrates Over 5% Surge in Value
This surge in Bitcoin’s price has propelled it beyond the $30,000 mark for the first time since early August. Unlike the initial surge sparked by a false report of a spot ETF approval, this second ascent appears to be more gradual and sustainable.
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BTC had maintained a price level of around $28,000 for a few days but saw a sharp increase to over $29,000 on Friday morning. The bullish momentum continued, propelling Bitcoin to a 10-week high of $30,104.
Although Bitcoin currently hovers just below the coveted $30,000 threshold, it has achieved a more than 5% increase in its value for the day, with its market dominance climbing to nearly 52%.
Bullish Movement Leads to $100M Short Liquidations
In the last 24 hours, several altcoins have exhibited similar, if not superior, performance. This surge in altcoin prices has led to many short traders facing liquidation.
Altcoins are also experiencing significant gains, with XRP surpassing the $0.5 mark following a legal victory against the U.S. Securities and Exchange Commission. Solana (SOL), another prominent altcoin, has seen a substantial double-digit surge and reached its highest value in several weeks at $27.
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These bullish price movements have proven painful for traders who have taken on excessive leverage in short positions. In 24 hours, the total value of liquidated positions has surpassed $100 million, with short trades accounting for approximately 80% of this total.
On the Flipside
- While the Altcoins’ strong performance in the last 24 hours may be promising, these assets can be subject to rapid price swings, often independent of Bitcoin’s movements.
- A considerable number of traders had bet against the recent price increase, and their positions had to be forcibly closed due to losses.
Why This Matters
Bitcoin’s resurgence beyond $30,000, alongside the promising performance of altcoins, signifies a potential shift in the crypto landscape. This sustained upward movement hints at growing investor confidence and could pave the way for broader adoption and investment in the cryptocurrency market.
To learn more about the false Bitcoin ETF report and how it sent shockwaves through the market, read here:
False Bitcoin ETF Report Rockets Price Before Reality Strikes
To stay updated on Matrixport’s bold prediction of Bitcoin reaching $42,000 if the ETF gets the green light, read here:
Matrixport Sees Bitcoin at $42,000 if ETF Gets Green Light
