Bitcoin’s value has made a remarkable recovery, surpassing the $70,000 mark after a temporary dip below $60,000 last week. In the past 24 hours, it has experienced a 7% increase against the US dollar, reaching a peak of $70,645 per unit.
This resurgence marks the first time since March 14, 2024, that bitcoin (BTC) has surged above the $70,000 threshold, achieving this milestone for 11 consecutive days. Over the past day, its price has risen by more than 7%, and over the past week, it has seen a 4.2% increase. This impressive performance has elevated bitcoin’s market cap to $1.38 trillion, accounting for 52% of the total $2.64 trillion cryptocurrency market.
BTC currently sits just 4.8% away from breaking its all-time high of $73,794, which was set on March 14, 2024. Today’s peak price of $70,645 per unit signifies a significant recovery from its lowest point of $64,568 per BTC during the day’s trading. Bitcoin’s dominance is evident as it accounts for $42 billion of the day’s $120 billion in global trade volume.
The recent surge in BTC’s price has resulted in $34.12 million of liquidations in the past four hours and $41.62 million over the last 12 hours, exclusively from short positions. In the past day alone, short positions worth $77.8 million have been eliminated.
What are your thoughts on bitcoin’s resurgence to the $70,000 range? Feel free to share your opinions on this matter in the comments section below.
