The market has witnessed the second significant increase in Bitcoin prices.Shanzhai Coin also followed closely, outperforming expectations in the past 24 hours
The market has witnessed the second significant increase in Bitcoin prices.
Shanzhai Coin also followed closely, outperforming expectations in the past 24 hours.
As BTC climbed to a 10 week high, the liquidation event dealt a blow to traders.
After a long period of horizontal consolidation, the fluctuations of Bitcoin finally woke up from a deep sleep. The initial shock was the outbreak of fake news about the approved Bitcoin Exchange Traded Fund (ETF). However, the second increase was mainly driven by market sentiment rather than breakthrough news.
Bitcoin's value skyrocketed by over 5%
The soaring price of Bitcoin has surpassed the $30000 mark for the first time since early August. Unlike the initial surge caused by false reports approved by spot ETFs, the second surge seems more gradual and sustainable.
BTC has been maintaining a price level of around $28000 for several days, but it sharply rose to over $29000 on Friday morning. The bullish momentum continues, pushing Bitcoin to a 10 week high of $30104.
Although Bitcoin is currently hovering below the coveted threshold of $30000, its value has increased by over 5% on the same day, and its market dominance has climbed to nearly 52%.
Bullish trend leads to liquidation of $100 million short positions
Over the past 24 hours, multiple counterfeit coins have shown similar performance (even if not better). The soaring price of counterfeit coins has led to many short traders facing liquidation.
Shanzhai coins have also experienced a significant increase, with XRP breaking the $0.5 mark after winning a legal lawsuit against the US Securities and Exchange Commission. Another famous counterfeit currency, Solana (SOL), has seen a significant double-digit increase and reached its highest value of $27 in several weeks.
Facts have proven that these bullish price trends are painful for traders who use excessive leverage in short positions. Within 24 hours, the total value of the exposed positions has exceeded $100 million, with short positions accounting for approximately 80% of the total value.
On the other hand
Although the strong performance of counterfeit coins over the past 24 hours may be encouraging, these assets may be affected by rapid price fluctuations and are usually unrelated to the trend of Bitcoin.
A considerable number of traders have made bets on the recent price increase and have had to forcefully close their positions due to losses.
Why is this important
The recovery of Bitcoin over $30000, coupled with the good performance of Shanzhai Coin, marks a potential shift in the cryptocurrency landscape. This sustained upward trend suggests an increase in investor confidence and may pave the way for wider adoption and investment in the cryptocurrency market.
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