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Bitcoin (BTC) Price Rockets to $60K, Marking Highest Since November 2021

03.01.2024

Bitcoin (BTC) Price Rockets to $60K, Marking Highest Since November 2021
In an astonishing surge, Bitcoin has shattered the $60,000 barrier, marking a significant milestone not seen since November 2021 when it reached its previous peak at $69,000. This latest rally has triggered over $300 million in liquidations across the market.

Bitcoin's recent bull run exhibits robust momentum, with its dominance over altcoins climbing steadily. CoinGecko reports a dominance rate exceeding 50%, a notable increase from last week's dip to 48%.

Earlier today, we covered Bitcoin's rapid movements, highlighting a substantial surge from $51,000 to $59,000 in just two days. Astonishingly, the primary cryptocurrency defied expectations and continued its rally. In a matter of minutes, Bitcoin surged by another $1,500, surpassing the $60,000 threshold for the first time since late November 2021.

At the time of writing, Bitcoin maintains its position above $60,000, reaching a multi-year peak of $63,600. This notable uptick has drastically shifted market sentiment, with investors exhibiting heightened levels of greed.

Anticipation builds in the crypto community with the upcoming halving and Bitcoin's historical performance post-halving events. Speculation is rife, with seasoned trader Peter Brandt revising his projection to an ambitious $200,000.

Bitcoin's dominance in the market has experienced a parallel surge, reaching 50.3% on CoinGecko and 52.7% on CoinMarketCap. Contrastingly, just last week, these metrics were at 48% and 49.9%, respectively.

Analyzing the market fallout, CoinGlass data reveals a staggering $315 million worth of liquidated positions on a daily scale. Notably, the majority of these liquidations originated from short positions, impacting around 100,000 traders. The largest liquidation occurred on Bitmex, amounting to a substantial $8.3 million.

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