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Sunday, July 14, 2024

Bitcoin Explodes to New 26-Month High of Over $53,500, Leaving Almost $200M in Liquidations

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The price of the largest cryptocurrency by market cap took a sudden liftoff and shot up by more than two and a half grand in minutes to a new 26-month peak of over $53,500.

The altcoins have also turned green, with ETH soaring even further above $3,100 and BNB nearing and briefly surpassing $400 for the first time since May 2022.

BTCUSD. Source: TradingView

CryptoPotato reported earlier that BTC’s price had stalled as the asset was unable to overcome $52,000 during the weekend despite a few attempts.

As such, Bitcoin had declined to $51,000, and it seemed like the consolidation around that level would continue.

However, that wasn’t the case. The bulls took charge of the market minutes ago and initiated a massive leg-up that resulted in BTC soaring by nearly three grand.

Consequently, the cryptocurrency jumped to $53,750 (on Bitstamp) for the first time since December 2021.

Despite losing some ground since then, BTC still trades above $53,000, and its market cap has exploded to $1.050 trillion.

Many altcoins have turned green as well. Ethereum, which soared past $3,100 earlier today, is now trading above $3,150 following a 3.5% daily increase.

Binance Coin briefly surpassed $400 to chart a new multi-year peak as well. MATIC, NEAR, XMR, and INJ are up by more than 5% on a daily scale.

This volatility has resulted in pain for over-leveraged traders as the 24-hour value of all wrecked positions has gone to $172 million, according to CoinGecko. Naturally, the majority of them come from short positions.

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