Wednesday

Bitcoin

Riding high on the bullish waves, Bitcoin (BTC) on Wednesday went ahead to hit the much anticipated $73,000 price level for the very first time in its trading history. Bitcoin price is now up by 72% on the year to date (YTD) basis. Several major investment firms have set their <a href="https://news.todayq.com/bitcoin-bull-run-gets-confirmation-bernstein-predicts-150000/" rel="noopener noreferrer nofollow">BTC target of over $100k</a> by the end of the bull run. Bitcoin price gains 70% in 60 days 
With the jump of another 2% in the last 24 hours, Bitcoin is trading at an average price of $73,226, at the press time. BTC has recorded a gain of almost 70% in the last 60 days. Its 24 hour trading volume is up by 8% to stand at $62.6 billion. However, the world’s biggest digital asset market cap is now closing in to hit the mark of $1.5 trillion.
According to the data shared by Coinglass, more than 107K traders’ bets got liquidated in the last 24 hours. The total liquidations recorded by the tracker stand at around $331 million. However, the single largest liquidation order took place on the crypto exchange OKX of ETH-USDT-SWAP valued at $7.85 million.
As we dig in, data shows that Bitcoin’s ongoing bull run has helped the cumulative market keep on going with the upward trend. In this movement, $193 million worth of long positions got liquidated over the past day. This matric suggests that the traders were right as they were expecting Bitcoin price to hit high.&nbsp;
Meanwhile, there are almost equal amounts of short bets that got liquidated on the same day. This amount stands around $135 million which depicts that traders who were sure that the market would fall got liquidated as the market printed green indexes. Crypto market sees extreme greed 
The crypto market is rejoicing in a bullish atmosphere similar to previous bull-market scenarios. The fear and greed index shows extreme greed in the market. Metrics such as realized profit and futures funding rates indicate similarities with past ATH breaks.
Realized profit metrics suggest a wealth transfer from old HODLers to new investors and speculators. Futures funding rates have spiked positively, pointing to elevated profit taking and demand for long side leverage.
Ethereum, the biggest altcoin, is also replicating the BTC’s performance. ETH price is up by 52% in the last 30 days. ETH is trading at an average price of $4,063, at the press time.
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Bitcoin hits $73,000 for the very first time, What’s next?

Todayq News

Other articles published on Mar 13, 2024

Ether Price Might Fall as Dencun Upgrade Nears: QCP Capital

Crypto mixer founders convicted in U.S. government crackdown

XRP ETF Is ‘Around the Corner,’ Claims Uphold Research Chief

Analyst Sheds Light on XRP’s Underperformance in Crypto Market

Cryptocurrency Injective Decreases More Than 5% Within 24 hours

Bitcoin Historical Patterns Suggest Prolonged Bull Run

Join our free newsletter for daily crypto updates!