Bitcoin has made a significant breakthrough, surpassing the $72,000 mark and edging closer to its all-time high in U.S. dollars. In the past 24 hours, the price of Bitcoin has surged by 5.5%, reaching an intraday high of $72,827. Currently, at 12:15 p.m. EDT, BTC is maintaining its position around $72,524 per coin. This rally has resulted in a 5.5% increase in Bitcoin’s value today, a 7.3% increase for the week, and a 10.2% increase over the past month. Interestingly, this rise above $72,000 is the highest since April, with Bitcoin falling just short of its record high of $73,794 on March 14 by less than 2%.
According to data from coinglass.com, Bitcoin’s performance in the final quarter has seen a 13.85% increase. This data also reveals that the push above $72,000 has led to $232.12 million in liquidations across crypto derivatives markets. Of this amount, $189.15 million comes from short trades, including $89.82 million in BTC shorts within the past 24 hours. On Tuesday, 61,602 traders experienced liquidations across crypto derivatives. Following a significant 80% increase in global trade volume on Monday compared to Sunday, today’s volume has risen by an additional 53.81%.
The recent rally towards Bitcoin’s peak is a reflection of heightened market activity, driven by substantial liquidations and a surge in global trade volume. With Bitcoin’s price rising by nearly 14% this quarter, speculation is mounting about whether this momentum will propel the asset past its previous high. As recent data indicates renewed interest from investors and short-sellers, Bitcoin’s upward trend could establish new patterns as the year comes to a close.
