Bitcoin Surpasses $60,000 Mark, Marking Its First Time Since November 2021
Bitcoin has surpassed the $60,000 milestone for the first time in several months, according to data from CoinMarketCap. At the time of writing, Bitcoin is trading at $60,250, with a brief surge to around $60,500. Over the course of a day, Bitcoin’s value has increased by approximately 6%, and over a week, it has risen by more than 18%.
As Bitcoin’s price continues to climb, the asset dominance indicator has also risen to 54.4%. Additionally, the volume of liquidations on futures contracts in the crypto-asset market has exceeded $342 million within a 24-hour period. Short positions have resulted in losses of around $210 million, while long positions have been liquidated for approximately $133 million.
Bitcoin’s price has been steadily increasing since September 2023, experiencing a slight slowdown in December before regaining momentum this month. The upcoming halving in the spring of 2024 and a significant influx of capital into spot Bitcoin ETFs have been key factors driving the rapid growth of Bitcoin’s price.
Analysts from Glassnode have noted a speculative frenzy in the Bitcoin market, fueled by the bullish trend in BTC. The influx of fresh capital, increased exchange activity, leverage in crypto derivatives, and institutional demand all contribute to this trend.
QCP Capital analysts have also highlighted that BTC reaching $60,000 is a natural target for the March expiry.
In related news, the approval of Bitcoin ETFs has sparked widespread adoption of BTC, according to experts.
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