As a seasoned researcher who has witnessed the rollercoaster ride that is the crypto market, I must admit, this latest surge of Bitcoin beyond $60,000 and the impressive gains across altcoins have left me both exhilarated and slightly bewildered. The market’s resilience is truly a testament to its volatility, a trait that I’ve grown to accept as an integral part of my daily routine.
In the past week, the value of Bitcoin increased by over $7,000, surpassing $60,000 for the first time since late August, as reported just now.
As an analyst, I’m observing a positive trend among altcoins today. Ethereum (ETH) has surpassed the $2,400 mark, experiencing a significant increase. Chainlink (LINK) is also on the rise, with a 6% surge. Moreover, some meme coins are also demonstrating impressive gains in value.
Last Friday, CryptoPotato noted a significant drop in Bitcoin’s value, which plummeted from around $57,000 to $52,500 within hours. At that moment, many experts attributed this fall to broader economic conditions and the increasing withdrawals of Bitcoin from exchange-traded funds (ETFs).
In the seven days that followed, the value of the cryptocurrency started to regain some lost territory. Even the Consumer Price Index (CPI) data released on Wednesday failed to hold its decline for an extended period.
On Friday night, there was a significant increase in the price of bitcoin, which reached an 16-day high of more than $60,500 – this surge happened a week after the previously mentioned event.
Regardless of a slight dip in momentum since, the asset remains above the significant $60,000 threshold, translating to over 12% growth within the last week. This substantial increase coincided with shifts in ETF trends as well as MicroStrategy’s announcement regarding its recent large-scale Bitcoin acquisition.
Various altcoins, including Ethereum, Dogecoin, Ripple, TON, Avalanche, Shiba Inu, Chainlink, and many more, have experienced notable growth: Ethereum by 3%, Dogecoin by 4.5%, Ripple by 2.5%, TON by 4%, Avalanche by 3.5%, Shiba Inu by 4%, Chainlink by 6%. Meme coins like PEPE have surged more than 7% in the recent day.
Approximately $130 million worth of liquidated trading positions were accumulated in a single day, with around 80% coming from traders who held short positions (those betting on the price decrease). This implies that roughly $100 million was lost by traders expressing bearish sentiment, as per CoinGlass.
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2024-09-14 08:02