Bitcoin surged on Wednesday, reaching the long-awaited milestone of $73,000 for the first time ever. With its price up by 72% so far this year, Bitcoin is riding high on bullish trends.
Many major investment firms have set ambitious targets for Bitcoin, aiming for it to surpass $100,000 by the end of the current bull market.
Bitcoin’s Surge and Market Dynamics
Bitcoin’s upward trajectory continues, with its price reaching an average of $73,226 at the time of writing, marking a 2% increase in the last 24 hours. Over the past 60 days, BTC has seen significant gains, rising by almost 70%. The 24-hour trading volume has also risen by 8% to $62.6 billion, as Bitcoin’s market cap approaches the $1.5 trillion mark.
According to data from Coinglass, over 107,000 traders’ positions were liquidated in the last day, totaling approximately $331 million. The largest single liquidation occurred on the OKX exchange for an ETH-USDT-SWAP valued at $7.85 million.
Bitcoin’s ongoing bull run has fueled optimism in the market, with $193 million worth of long positions liquidated in the past day. This indicates that traders correctly anticipated Bitcoin’s price surge.
Conversely, nearly equal amounts of short positions were liquidated, totaling around $135 million. This suggests that traders who bet on a market downturn were caught off guard as Bitcoin’s price continued to rise.
Crypto Market Trends Amid Bullish Sentiment
The crypto market is currently experiencing a bullish atmosphere reminiscent of previous bull-market cycles. The fear and greed index indicates extreme greed among investors, mirroring past market trends during ATH breaks.
Key metrics such as realized profit and futures funding rates suggest similarities with previous market highs. Realized profit metrics imply a transfer of wealth from long-term holders to new investors and speculators. Meanwhile, futures funding rates have surged, indicating increased profit-taking and demand for long-side leverage.
In line with Bitcoin’s performance, Ethereum, the largest altcoin, is also seeing significant gains. Over the past 30 days, ETH has surged by 52%, reaching an average price of $4,063 at the time of writing.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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