Bitcoin has succeeded in breaking its all-time high, and in the past 24 hours, it traded a high of $124,457.12. During the same period, its market capitalization was approaching the $3 trillion mark.
In the intraday frame, its prices grew more than 2.21% and added 6.39% in a week, yet in the 52-week time frame, prices are up by 100.37%.
With the bullishness in prices and market capitalization, Bitcoin has succeeded in bypassing Google in terms of market value. Yet, with the growing liquidation, the hype continued to fade and has reached $2.42 trillion.
Source: CompaniesMarketCap Bitcoin not in resting mood, eye to break $125,000
Over the past 24 hours, Bitcoin traded in the range above $120,000 and has been following the suit of the wider market, but in the initial hours, it enjoyed higher highs, followed by a correction which pushed the prices to $121,000.
Source: TradingView
On the other hand, the liquidation in BTC has reached $142.40 million, with $116.38 million short being liquidated in the past 24 hours, and only $26.02 million longs got liquidated.
The growing shorts liquidation clearly states that traders are betting on a possible decline in Bitcoin prices, but the bullish sentiments seem to be turning the play.
It is worth noting that in a 4-hour frame, more than $14.62 million longs have been liquidated with only $751.73k in short liquidations. Experts argue that long liquidation in shorter frames clearly indicates a lack of strong volume, resulting in price correction.
In the past 24 hours, the largest liquidation occurred on Bybit, BTC/USD valued at $10.00 million.
Bitcoin, the star performer eyeing to push the market to $5T
Bitcoin has outperformed all cryptocurrencies, assets, and ETFs and is most prominent in terms of adoption, regulatory clarity, and dominance. Over the last few years, its craze among institutions, publicly listed companies, privately held companies, and governments of nations has paved a brighter path for its future.
Source: TradingView
Bitcoin advocates such as Michael Saylor and Cathie Wood see BTC reaching the mark of $1 million, following the recent surge. It has been reported that Bitcoin’s market is now bigger than the GDP of Canada.
Over the past few sessions, one major factor that seems to be pushing Bitcoin to new heights is the upcoming announcement of the Fed, which is expected to slash the interest rates by 3 to 4.5 points to nearly 1%.
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