The bear market rally that puzzled much of the crypto industry continued over the weekend as Bitcoin hit $23,230 for the first time since August 2022. Bitcoin is now up 50 % from its local low of $15,400.
Bitcoin has emerged as a leader among global assets outperforming major asset classes. Additionally, 2023 has seen growth in several sectors as inflation begins to subside. Since the November lows, gold and the S&P500 are up 19% and 13% respectively.
Over the past 24 hours, markets have seen over $387 million in crypto liquidations, with the majority involving BTC and ETH for a total of $165 million.
Short positions throughout this bear market rally have dominated liquidations. However, this does not mean that the long positions have been entirely safe. As Bitcoin continues to rally, frequent retracements at key resistance levels caught the bulls off guard. For example, on January 18 and 21, BTC longs were liquidated for over $30 million.
Ethereum has seen a similar performance to Bitcoin throughout 2023, as it surged to $1,647 from a low of $1,074 in November following the collapse of FTX.
At press time, Bitcoin is ranked #1 by market cap and BTC price is up 8.87% in the past 24 hours. BTC has a market capitalization of $445.52 billion with a 24-hour trading volume of $37.46 billion. Learn more >
At press time, the global cryptocurrency market is valued at $1.05 trillion with a 24-hour volume of $71.97 billion. Bitcoin dominance is currently at 42.38%. Learn more >