On Monday, the value of Bitcoin surged to a peak of $57,055, rising 10.1% in a single day to bring its market worth to $1.10 trillion. Bitcoin’s value in relation to the US dollar hasn’t increased to these levels since Nov. 22, 2021, which was 12 days after the cryptocurrency’s $69,000 peak.
The Bitcoin Rally Hits $57K on Monday.
By market capitalization, the top cryptocurrency crossed the $57,000 milestone on Monday night at 9:00 p.m. Eastern Time. Over the course of the day, the value of the entire cryptocurrency market increased by 6% to $2.12 trillion, of which $1.10 trillion was attributed to bitcoin. A string of consistent gains over the past day indicate that the trend for bitcoin (BTC) is unquestionably bullish.
The market went through a period of consolidation and some horizontal trading over the weekend and into last week. Furthermore, trading levels varied in the days preceding Monday, however there was a noticeable spike in traffic on Monday during trading hours. In a 24-hour period, Bitcoin gained 10.1% versus the US dollar, demonstrating a 34% increase in weekly and monthly comparisons.
During that same period, ETH increased by 4.5%, BNB advanced by 4.8%, SOL increased by 7.7%, and ADA increased by 7.7%. With its advances over the last day, bitcoin stood out as the top performer among the top ten cryptocurrencies. As prices climbed, hourly data shows that an astounding $71 million in short positions in Bitcoin were liquidated in only one hour, and 24-hour figures show that $180 million in short bets in Bitcoin were liquidated overall.
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