Bitcoin Price Surges, Causing Havoc on Derivatives Markets
The price of Bitcoin has been steadily increasing over the past few days, reaching a high of over $41K. This is the first time the cryptocurrency has traded above this level in nearly 19 months, since April 2022.
Liquidated Derivatives Positions Worth $190 Million
This recent surge in price has resulted in $190 million worth of liquidated derivatives positions, with $150 million of those being short positions. These liquidations are a result of traders being forced to close their positions due to market volatility.
Bitcoin Dominance Rises
Bitcoin’s dominance, which measures its share relative to the rest of the market, has also increased following the price surge. It currently stands at 50.5%, indicating that Bitcoin has outperformed the altcoin market.
Altcoins Also Seeing Gains
While Bitcoin has been grabbing most of the attention, many altcoins have also seen significant gains. Ethereum (ETH) is trading above $2.2K, showing a 4.1% increase in the past day and a 10% increase over the week. Ripple’s XRP is also up by 2% in the past 24 hours.
Hot Take: Bitcoin Continues to Rally
The recent surge in Bitcoin’s price has caused chaos on derivatives markets and led to significant liquidations. With Bitcoin dominance on the rise and altcoins also experiencing gains, it seems that the cryptocurrency market as a whole is benefiting from this rally. As Bitcoin continues to reach new highs not seen in almost two years, it will be interesting to see how the market reacts and if this upward trend can be sustained.
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