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Bitcoin surges to $60k, reaching highest price since November 2021

Bitcoin Surges Past $60,000 Mark, Showing Strong Growth Momentum

On a significant note for cryptocurrency enthusiasts, Bitcoin’s price has surpassed the $60,000 mark for the first time since November 2021, marking a significant milestone in its recent price movement.

At the time of writing, according to CoinMarketCap data, Bitcoin (BTC) is currently trading at $60,250. The price momentarily spiked to around $60,500, reflecting a substantial 6% increase in a single day and over 18% growth over the past week.

Bitcoin hits $60k for first time since November 2021 - 1
Source: CoinMarketCap

As Bitcoin continues its upward trajectory, the asset dominance indicator has risen to 54.4%, signifying its stronghold in the cryptocurrency market. Concurrently, the volume of liquidations on futures contracts in the crypto-asset market has surged to over $342 million within a 24-hour span. Notably, approximately $210 million in losses were attributed to short positions, while traders liquidated $133 million in long positions.

Bitcoin hits $60k for first time since November 2021 - 2
Source: Coinglass

The recent surge in Bitcoin’s price can be attributed to its steady uptrend since September 2023, despite a temporary halt in December. The current resurgence is fueled by various factors, including the anticipated halving in the spring of 2024 and a notable influx of capital into spot Bitcoin ETFs.

Analysts at Glassnode have observed a speculative frenzy amidst the bullish trend in Bitcoin, characterized by fresh capital inflows, heightened exchange activity, increased leverage in crypto derivatives, and notable institutional demand.

Furthermore, QCP Capital analysts predict that Bitcoin reaching the $60,000 milestone was a natural target for the March expiry, underscoring the growing market confidence in the leading cryptocurrency.

Overall, the recent surge in Bitcoin’s price highlights the resilience and strong growth momentum of the cryptocurrency, reaffirming its position as a significant player in the digital asset market.

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