Bitcoin Hits New Yearly High as Short Liquidations Pour In
Bitcoin (BTC) reached a fresh yearly high of $43,700 on Tuesday as the crypto market witnessed a surge of short liquidations. This climb has propelled BTC’s market dominance to 54.8%, according to TradingView, marking a 15% increase over the past week.
ORDI Continues to Soar, Ethereum Sees Modest Gains
In contrast, Ethereum (ETH) experienced a 1% rise to $2,250 and currently holds a market dominance of 17.5%. Meanwhile, ORDI, an ordinals-themed memecoin, surged by an additional 53% to reach $63.26.
Excitement Builds Over U.S. Bitcoin Spot ETF Approval
The ongoing Bitcoin rally coincides with growing anticipation for the approval of a U.S. Bitcoin spot exchange-traded fund (ETF) next month. Analysts widely believe that this ETF will receive regulatory approval.
On-Chain Activity and Ordinals Protocol Fuel Bitcoin Surge
Last month witnessed a revival in on-chain Bitcoin activity due to Ordinals, a protocol enabling the issuance of NFTs and tokens on the Bitcoin blockchain. This development has contributed to the recent price surge.
ORDI Emerges as Premier Memecoin on Bitcoin Blockchain
Despite lacking real utility, ORDI has become the leading memecoin launched on the Bitcoin blockchain, boasting a market cap of $1.3 billion.
Stacks (STX) Gains Momentum as Another Bitcoin-based Token
Another token based on the Bitcoin blockchain, Stacks (STX), has seen impressive growth this week, rising by 65% to over $1.16 per token.
Analysts Warn of Potential BTC Pullback
Bitfinex on-chain analysts caution that the recent Bitcoin rally may be exaggerated and could potentially experience a pullback in the near future.
Short Traders Face Liquidation Amidst Pump
Despite warnings, traders attempting to short the Bitcoin pump continue to face liquidations. In the past 24 hours alone, more than 80,000 traders have been liquidated for $233 million, including $155 million worth of long positions, according to CoinGlass.
Hot Take: Bitcoin Surges to New High Amidst Short Liquidations
The cryptocurrency market has witnessed a remarkable surge as Bitcoin reaches a new yearly high. With short liquidations pouring in, Bitcoin’s dominance has risen significantly. While Ethereum sees modest gains, the ordinals-themed memecoin ORDI continues its impressive rally. The excitement surrounding a potential U.S. Bitcoin spot ETF approval next month adds fuel to the ongoing pump. Additionally, on-chain activity and the Ordinals protocol contribute to Bitcoin’s recent price surge. Despite concerns of a potential pullback, short traders continue to face liquidations in this bullish market.
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