The bear market rally that baffled much of the cryptocurrency industry over the weekend continued as bitcoin reached $23,230 for the first time since August 2022. Bitcoin is now up 50% from its local low of $15,400.
Bitcoin has moved into a leading position among global assets outperforming major asset classes. Additionally, 2023 saw growth across multiple sectors as inflation began to subside. Since its November lows, gold and the S&P500 have gained 19% and 13%, respectively.
Over the past 24 hours, the markets saw over $387 million worth of cryptocurrency liquidations, most of which involved BTC and ETH totaling $165 million.
Short positions throughout this bear market rally were dominated by liquidation. However, this does not mean that long positions were completely safe. As Bitcoin continues to rally, repeated retracements at key resistance levels have caught bulls by surprise. For example, in January. 18 and Jan. On the 21st, Bitcoin longs for more than $30 million were liquidated.
Ethereum has seen a similar performance to bitcoin throughout 2023 as it jumped to $1,647 from a low of $1,074 in November after the FTX crash.
At the time of publication, Bitcoin ranks first in terms of market cap and BTC price above 8.87% during the past 24 hours. The market cap of BTC 445.52 billion dollars 24-hour trading volume of 37.46 billion dollars. learn more >
BTCUSD Chart by TradingView
Market summary
At press time, the global cryptocurrency market is being assessed $1.05 trillion 24 hour volume $71.97 billion. Bitcoin dominance now 42.38%. learn more >
/cdn.vox-cdn.com/uploads/chorus_asset/file/23935560/acastro_STK103__03.jpg)
