Bitcoin trading above $20,000 for the first time since November 2022, 2023, is starting strong for cryptos.
The critical digital asset has increased by 25.9% over the last 14 days and 11% in the previous 24 hours to reach $20,000 in value. During the spectacular surge, it briefly traded over $21,000 on January 14 in the early trading hours.
Other popular cryptocurrencies, besides Bitcoin, also had substantial rises during the past day. For the first time since November, Ethereum increased by 10% to reach over $1,500. Others, including the BNB coin sponsored by Binance, rose by 7%, while the XRP coin of Ripple rose by 7.4%. Over the reporting period, all three stocks—ADA, Cardano’s Polygon’s MATIC, and Solana’s SOL—saw double-digit rises.
The positive trend has also caused the market cap of all cryptocurrencies to surpass $1 trillion globally. The market value of cryptocurrencies increased by about 9% over the previous day.
Liquidated $700 Million In Short Positions
The excellent price performance of the crypto market has resulted in enormous losses for traders who chose to short the securities. According to Coinglass data, $718.73 million of assets were liquidated over the past 24 hours.
The data shows that most of these liquidations were caused by short bets on the top two digital currencies, Ethereum and Bitcoin. The data compares Ethereum liquidations at $258.08 million to Bitcoin’s $236.35 million, also, SOL liquidated $21.92 million.
The OKX and Binance exchanges saw the majority of the liquidations. Seventy-five percent of the liquidations came from the two businesses. Huobi and Bybit also reported significant liquidations among their traders.
Bitcoin’s market cap has surpassed $400 million thanks to its stellar price growth, putting it ahead of other high-profile tech companies, including Tesla, Mastercard, and Facebook’s Meta.
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Regarding market capitalization, BTC is currently the 18th most great asset. Blockchain technology is behind IT giants Microsoft, NVIDIA, and JPMorgan, a traditional financial institution. Gold is the greatest asset by market cap, followed by Apple.