Bitcoin (BTC) has hit a nine-month high of over $27,000 and has liquidated over $200 million from short sellers, according to available data.
According to BeInCrypto data, during the past 24 hours, BTC is up by 4.24% to $27,470 at the time of writing. It continued its positive price performance over the past seven days, gaining nearly 37% and 13% over the past month.
After mainly trading around the $20,000 to $24,000 range in February, BTC dropped below $20,000 in early March when the USD Coin (USDC) was dumped. However, the recent collapse of several crypto-friendly banks in the US has pushed more investors into bitcoin.
Marcus Thielen, head of research at Matrixport, told BeInCrypto that last week’s depositor bailout issued by the US government and a fall in regional bank stocks ahead of the market opening next Monday led to a rally in BTC price. Thielen said that if BTC can maintain its current run, its next target would be $28,000 or $30,000.
BTC dominance climbs to 9-month high
Bitcoin dominance has also climbed to a nine-month high of 46.54%, according to Tradingview data. The last time BTC dominance reached this high was in June 2022.
Typically, BTC dominance increases during market volatility mainly because it is considered a more stable asset than rival cryptocurrencies.
Meanwhile, bitcoin is performed better Traditional assets like Gold, NASDAQ and S&P 500 in the current year. In 2023, BTC is up more than 50%, while the best performing traditional asset is the NASDAQ, which is up almost 20%.
Over $200 Million in Liquidation
While the market as a whole is in the green due to the recent increase in the value of bitcoin, traders holding short positions against bitcoin and other cryptocurrencies are in the red. CoinGlass data shows that 227 million positions were liquidated over the past 24 hours, affecting 66,373 traders.
Bitcoin accounts for most of the liquidations, with $108.06 million worth of BTC positions liquidated. The most significant is a $4.74 million short position against BTC on BitMEX.
Top 10 assets gain an average of 3%
According to BeInCrypto data, other digital assets in the top 10 crypto assets list have registered an average of 3% gains over the past 24 hours.
During the period under review, Ethereum gained 5.24% to $1,815, while BNB gained 3.07% to $343. Cardano, XRP, and Polygon are up 4.44%, 3.04%, and 3.63%, respectively.
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.