Bitcoin Reached 30-Day High Above $45K (Market Watch)


Bitcoin’s price went on a roll throughout the past few days, and it even tried to reclaim the $45K level. It has so far been unsuccessful in doing so, but the overall market sentiment has shifted considerably. Throughout the past 24 hours, the total capitalization increased by about $50 billion and managed to reclaim the $2 trillion mark.

Bitcoin Topped $45K But Failed to Sustain

Bitcoin’s price managed to surge above $45K a few hours ago and reached as high as $45,500 on Bitstamp. It’s worth noting that this marked a 30-day high as the last time it was trading at these levels was back on January 5th.

BTCUSD_2022-02-08_11-21-37
Chart by TradingView

With this said, the price was also unable to sustain at these levels and has since retraced below $44K. Still, the cryptocurrency is up 2.7% in the past 24 hours. The volatility, however, has had its toll and left some $305 million worth of liquidated positions in the same period. The largest single liquidation order took place on OKEx. It was a BTC/USDT position with a face value of $3.6 million.

Somewhat expectedly, the majority of liquidations were of short positions, and most of them took place on Binance, OKEx, and Bybit.

Total Market Cap Reclaims $2 Trillion

Crypto bulls managed to achieve another important milestone throughout the past 24 hours by reclaiming the coveted $2 trillion mark for the total market capitalization. This comes on the backs of the recent gains in BTC as well as some altcoins.

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Avalanche is one of the more notable performers from the top 10, as AVAX surged by about 6.5% in the past 24 hours. Shiba Inu (SHIB) continues to rip and is up 17% in the same period. MATIC is also up about 8%. Other leading altcoins, however, failed to follow up.

Solana lost about 3% – the same as Polkadot. Ethereum remained more or less flat throughout the day, which is also true for BNB. KDA is the biggest winner with a 20% daily surge, whereas QNT is down the most – about 8%.

This allowed for Bitcoin’s dominance over the market to increase by about 0.5% in the past 24 hours.

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Cryptocurrency charts by TradingView.


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