Bitcoin (BTC) has emerged from its late February downturn with an impressive surge against the US dollar.
The BTC/USD pair soared past $57,000, a level not seen since the record highs of November 2021, registering a 5.3% increase on Monday, followed by an additional 2.9% rise this morning.
This upswing in the world’s leading cryptocurrency coincides with steady cash inflows into newly approved spot-bitcoin exchange-traded funds, as traders also focus on the anticipated halving event in April.
Occurring every four years, this halving will halve the mining rewards, effectively reducing the rate of new currency creation by 50%, a factor seen as a significant driver for Bitcoin’s value.
The recent surge in Bitcoin’s value has significantly impacted futures market traders betting against it, with over $97 million in short positions liquidated yesterday, marking the highest amount for the year so far. Today, an additional $65 million in shorts were wiped out.
Comparing week-on-week figures, Bitcoin has now increased by nearly 9%.
Ethereum (ETH), ranking second in the cryptocurrency market, has seen a notable increase of over 10% on a weekly basis, while Binance’s BNB token has also experienced a modest rise.
In the broader altcoin sector, the performance is varied. Ripple (XRP) and Cardano (ADA) are still experiencing declines, whereas Solana (SOL), Dogecoin (DOGE), and Tron (TRX) have each made modest single-digit gains.
The total market capitalization of cryptocurrencies has surged to $2.12 trillion, with Bitcoin currently holding 53.5% of the market share.
The Bitcoin price is $56,436.36, a change of 10.04% over the past 24 hours as of 8:50 a.m
