Bitcoin (BTC) 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, surpassing that of major players like Tesla.
Bitcoin Price Surges Past $52,000 Mark, Ethereum Tops $2,800
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 all-time highs 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 heavy inflows into spot Bitcoin ETFs. The single-day inflows in the newly launched Bitcoin investment vehicles in the US crossed $600 million a day before.
BTC Price Action Going Ahead
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.
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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.
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 presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
