In a stunning recovery, Bitcoin has gained over $7,000 in value over the past week, surging past the $60,000 mark for the first time since late August. This price rally has shaken the crypto markets, leading to the liquidation of nearly $130 million in positions, according to CoinGlass. Remarkably, over 80% of these liquidations were short positions, meaning that more than $100 million was lost by traders who bet against Bitcoin’s rise.
Altcoins Join the Surge: Ethereum, Chainlink, and Meme Coins Soar
The rally isn’t limited to Bitcoin alone. The altcoin market is also showing strong signs of growth. Ethereum (ETH), the second-largest cryptocurrency, has climbed past $2,400, while Chainlink (LINK) surged by 6%. Meme coins are following the upward trend, with PEPE rising over 7% in just 24 hours.
The Recent Bitcoin Crash: From $57K to $52K in Hours
This rally comes on the heels of a significant drop last Friday, when Bitcoin plunged from $57,000 to $52,500 within hours. Analysts blamed the sudden drop on a combination of macroeconomic factors and growing outflows from spot Bitcoin ETFs. However, Bitcoin quickly recovered over the next week, showing resilience even after the release of Consumer Price Index (CPI) data on Wednesday, which had minimal long-term impact.
Bitcoin’s Remarkable Rebound: Hitting a 16-Day High
The most notable surge came exactly one week after the downturn, when Bitcoin skyrocketed to over $60,500 on Friday evening, marking a 16-day high. Although the cryptocurrency has slightly pulled back since then, it remains above the critical $60,000 threshold, boasting an impressive 12% gain in just one week.
Why Is Bitcoin Rising? Factors Behind the Surge
Bitcoin’s impressive performance is driven by a mix of positive factors. A shift in ETF market trends has helped fuel the bullish sentiment, alongside MicroStrategy’s announcement of another major Bitcoin purchase. These developments have boosted confidence in Bitcoin’s long-term potential, encouraging further upward momentum.
Altcoin Gains: Ethereum, Dogecoin, and More
In tandem with Bitcoin’s rise, altcoins are experiencing significant gains. Ethereum (ETH) is up 3%, while Dogecoin (DOGE) has increased by 4.5%. Other notable gains include Ripple (XRP) with 2.5%, Toncoin (TON) at 4%, and Avalanche (AVAX) climbing 3.5%. Even Shiba Inu (SHIB) has jumped by 4%, and Chainlink (LINK) remains the standout performer with a 6% increase.
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