Bitcoin Price Skyrockets to Over $52,400, Ethereum Tops $2,800
The price of Bitcoin (BTC) has experienced a significant surge, surpassing the $52,000 mark and currently standing at $52,371. This represents a 5.9% increase in just 24 hours. Additionally, Ethereum (ETH) has also seen a notable uptick, reaching $2,816 with a 6.89% surge within the same timeframe. Other top altcoins have also rallied between 5-10%.
Market data reveals a liquidation of $225 million across the entire cryptocurrency market in the past 24 hours. This includes $45.15 million from liquidated long orders and $180 million from liquidated short orders. The surge in liquidations highlights the increased trading activity and volatility during this period of price escalation.
A major factor contributing to the Bitcoin rally is the inflow into spot Bitcoin ETFs, with single-day inflows in the US surpassing $600 million. However, caution is advised as excessive celebrations following price milestones often precede temporary market peaks.
Predicting BTC’s Future Price Action
Crypto analyst Michael van de Poppe acknowledges Bitcoin’s remarkable surge and suggests a potential peak range of $54,000 to $58,000 before the upcoming halving event. On-chain data provider Santiment notes that Bitcoin has reached a milestone not seen since December 2021, but warns against excessive optimism as it can lead to temporary market peaks.
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