Bitcoin Reaches $57K in Stellar Monday Surge, Erasing $70 Million in Shorts in Just One Hour


Bitcoin reached a peak of $57,055 on Monday, climbing 10.1% over a 24-hour span and elevating the digital asset’s market value to $1.10 trillion. The value of bitcoin relative to the U.S. dollar hasn’t ascended to these levels since Nov. 22, 2021, marking 12 days after the digital currency’s peak value of $69,000.

Monday’s Bitcoin Rally Hits $57K

The leading cryptocurrency by market capitalization reached the $57,000 threshold on Monday evening at 9:00 p.m. Eastern Time. The total valuation of the entire cryptocurrency market climbed 6% throughout the day to hit $2.12 trillion, with bitcoin accounting for $1.10 trillion of this total. The trend for bitcoin (BTC) is decidedly bullish, as evidenced by a series of steady increases over the last 24 hours.

Over the weekend and into last week, the market experienced some horizontal trading and a period of consolidation. Additionally, trading volumes were variable in the days leading up to Monday, though a pronounced increase in volume was observed during Monday’s trading period. Bitcoin appreciated 10.1% against the U.S. dollar in a 24-hour frame, showing a 34% increase in both weekly and monthly comparisons.

In the same timeframe, ETH saw a 4.5% increase, BNB advanced by 4.8%, SOL climbed by 7.7%, and ADA also saw a 7.7% uptick. Among the top ten cryptocurrencies, bitcoin stood out as the leading performer with its gains over the past 24 hours. Hourly data reveals an impressive $71 million in BTC short positions were eliminated within just an hour as prices surged, with 24-hour figures indicating a total of $180 million in BTC short positions were liquidated.

Source : Bitcoin News by Jamie Redman / Feb 27, 2024 logo


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