Bitcoin Price Surges Over 6% in 24 Hours
The price of Bitcoin has increased by more than 6% in the past 24 hours, reaching levels not seen since the Terra crash in May 2022. According to The Block’s Bitcoin Price Page, the largest digital asset by market cap reached a high of $42,100 before settling at $41,600. This marks a complete recovery to the level above $41,000 that Bitcoin had reached earlier this year, representing a value increase of over 150% since the beginning of 2022.
Cryptocurrency Market Cap Reaches $1.62 Trillion
The global cryptocurrency market cap has also experienced growth, currently standing at $1.62 trillion. This represents a 4.0% increase in the past 24 hours and is the first time since late April 2022 that the combined market cap has reached this level.
Trading Volumes Reach Highest Level Since March
In November, cryptocurrency exchange trading volume surpassed $826 billion, making it the highest monthly volume since March of this year. Onchain data shows that Bitcoin’s daily trading volume has increased from over $30 billion on December 1st to its current value of $32 billion. This surge in trading volume represents a yearly high and the highest level since November 2022.
Short Positions Liquidated in Significant Numbers
In the past 24 hours, a total of 75,887 traders were liquidated, resulting in over $216 million in liquidations. The majority of these liquidations were short positions, with $166 million in shorts wiped out compared to just over $50 million in long positions. Coinglass data reveals that over $86 million worth of leveraged bitcoin positions were liquidated, with shorts accounting for over $76 million and long positions only around $10 million.
Other Cryptocurrencies See Modest Gains
While Bitcoin experienced significant growth, other blue-chip cryptocurrencies saw smaller gains. Ether rose by more than 4% and maintained its position above the $2,250 mark. BNB had a slight increase of over 2%, reaching a current price of $234. Solana traded flat over the past 24 hours, hovering around the $63.50 mark.
Hot Take: Bitcoin’s Price Rebounds to Pre-Terra Crash Levels
The recent surge in Bitcoin’s price, accompanied by an increase in trading volume and liquidation of short positions, indicates a strong rebound for the cryptocurrency. With Bitcoin surpassing its previous high and demonstrating steady growth throughout the year, it remains an attractive investment option in the volatile world of cryptocurrencies.
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