Ethereum

Bitcoin

Million

<img width="1920" height="1080" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1.jpeg" class="attachment-full size-full wp-post-image" alt="Bitcoin price chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1.jpeg 1920w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-150x84.jpeg 150w" sizes="(max-width: 1920px) 100vw, 1920px">
Bitcoin (BTC)&nbsp; has continued its upward surge, climbing over 6% in the past 24 hours and surpassing the $52,400 mark. This week’s rally in Bitcoin’s price has propelled its market capitalization to over $1 trillion, <a href="https://coingape.com/bitcoin-surpasses-tesla-with-1-tln-market-cap-but-theres-a-catch/" target="_blank" rel="noopener">surpassing</a> that of major players like Tesla. 
<h3 id="strong-bitcoin-price-surges-past-52-000-mark-ethereum-tops-2-800-strong">Bitcoin Price Surges Past $52,000 Mark, Ethereum Tops $2,800</h3> 
In the latest crypto market rally, Bitcoin (BTC) has surged past the $52,000 threshold, currently quoted at $52,371, marking a significant 5.9% increase within a 24-hour period. some market analysts are already predicting another 40% rally in Bitcoin to hit new <a href="https://coingape.com/qcp-capital-bitcoin-all-time-high-spot-bitcoin-etfs/" target="_blank" rel="noopener">all-time highs</a> by March 2024. 
Meanwhile, Ethereum (ETH) has also experienced a notable uptick, breaking through $2,800 to reach $2,816, reflecting a 6.89% surge within the same timeframe. Joining Ethereum, the top ten altcoins have also rallied anywhere between 5-10%. 
Market data from CoinGlass reveals a substantial liquidation of $225 million across the entire cryptocurrency market within 24 hours. Of this total, $45.15 million corresponds to liquidated long orders, while $180 million corresponds to liquidated short orders. This surge in liquidations underscores the heightened trading activity and volatility within the crypto market during this period of price escalation. 
One major factor behind the Bitcoin price rally is the <a href="https://coingape.com/breaking-spot-bitcoin-etfs-saw-largest-single-day-inflow-btc-rally-to-60k/" target="_blank" rel="noopener">heavy inflows into spot Bitcoin ETFs</a>. The single-day inflows in the newly launched Bitcoin investment vehicles in the US crossed $600 million a day before. 
<h3 id="btc-price-action-going-ahead">BTC Price Action Going Ahead</h3> 
In a recent analysis, crypto analyst Michael van de Poppe highlighted Bitcoin’s remarkable surge, breaking through the $51,000 mark to establish a new yearly high. Expressing surprise at the market’s strength, van de Poppe suggested a potential peak in the range of $54,000 to $58,000 before the upcoming halving event. 
&nbsp; 
<figure id="attachment_180468" aria-describedby="caption-attachment-180468" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-180468" src="https://coingape.com/wp-content/uploads/2024/02/BTCUSDT.png" alt="" width="1634" height="826" srcset="https://coingape.com/wp-content/uploads/2024/02/BTCUSDT.png 1634w, https://coingape.com/wp-content/uploads/2024/02/BTCUSDT-300x152.png 300w, https://coingape.com/wp-content/uploads/2024/02/BTCUSDT-1224x619.png 1224w, https://coingape.com/wp-content/uploads/2024/02/BTCUSDT-768x388.png 768w, https://coingape.com/wp-content/uploads/2024/02/BTCUSDT-1536x776.png 1536w, https://coingape.com/wp-content/uploads/2024/02/BTCUSDT-150x76.png 150w" sizes="(max-width: 1634px) 100vw, 1634px">
 <figcaption id="caption-attachment-180468" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://twitter.com/CryptoMichNL/status/1757727384844026300" target="_blank">Michael van de Poppe</a>
 </figcaption>
</figure> 
According to insights from on-chain data provider Santiment, Bitcoin has once again surged past the $52,000 mark, marking a significant milestone not seen since December 3rd, 2021. However, analysts are urging caution as excessive celebrations following such thresholds often precede temporary market peaks. 
<figure id="attachment_180469" aria-describedby="caption-attachment-180469" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-180469" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-52000.jpeg" alt="" width="2674" height="1763" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-52000.jpeg 2674w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-52000-300x198.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-52000-1224x807.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-52000-768x506.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-52000-1536x1013.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-52000-2048x1350.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-52000-150x99.jpeg 150w" sizes="(max-width: 2674px) 100vw, 2674px">
 <figcaption id="caption-attachment-180469" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1757853033155998055" target="_blank">Santiment</a>
 </figcaption>
</figure> 
During this bullish cycle, historical data suggests that exuberant sentiments expressed by traders on social media, especially regarding the likelihood of reaching all-time highs, have sometimes coincided with local tops forming shortly after. 
The post <a href="https://coingape.com/bitcoin-btc-price-shoots-past-52400-crypto-market-liquidation-at-225-million/">Bitcoin (BTC) Price Shoots Past $52,400, $180 Million Shot Positions Liquidated</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Price Shoots Past $52,400, $180 Million Shot Positions Liquidated

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