Bitcoin (BTC) has surpassed $60K, reaching a record high not seen since February 20, 2021, nearly three years ago.
The last time BTC reached these levels was in November of the same year.
- Monday the 26th witnessed significant activity in the crypto market, with the top two cryptocurrencies, BTC and ETH, climbing over 10% and resulting in the liquidation of millions of dollars in short positions.
wow $1400 in minutes…. #Bitcoin smashes 55K then $56K
good time to be SHORT – NOT 😀 pic.twitter.com/crdSVPM3Zv— InvestAnswers (@invest_answers) February 27, 2024
- Bitcoin had been hovering around $52K for the past week, facing resistance at this level. Analysts highlighted breaking the $52K mark as crucial for BTC to potentially reach new all-time highs.
- On Monday, the bulls seized control and pushed past this barrier, propelling BTC to $53K. The momentum didn’t stop there, with the cryptocurrency surging to $55,700 at around 9:30 PM (EST) and then increasing by $1,300 in a matter of minutes.
- With BTC now close to $60K, achieving this milestone seems within reach as the asset is only a few thousand dollars away. Over the past 24 hours, approximately $190 million in BTC shorts have been liquidated.
- The growth of Bitcoin ETFs has been rapid, surpassing gold ETF inflows in the last six weeks. Analysts at Bloomberg project that Bitcoin ETFs could outsize gold ETFs within the next two years.
- ETH has also been performing well, surpassing $3,100 earlier on Monday and crossing $3,200 later in the day as the second-largest digital asset.
- Additionally, altcoins like Avalanche (AVAX), Binance Coin (BNB), and Mantle (MNT) are showing positive movement, with double-digit gains in recent trading sessions.
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