In a notable surge, Bitcoin’s price has soared in the past few days, reaching above $41,000 for the first time in nearly 19 months. This surge, reminiscent of the levels seen in April 2022, has sent shockwaves across the derivatives markets.
Coinglass data reveals that this recent uptick in its price has led to a staggering $190 million in liquidated derivatives positions. Notably, $150 million of these liquidations were shorts, signaling a significant impact on traders who bet against the cryptocurrency’s price.
Bitcoin Dominance Hits 50.5% as Altcoins Join the Surge
Accompanying the price surge, Bitcoin’s dominance has seen a notable increase. The metric, indicating its share relative to the overall market, currently stands at 50.5%. This uptick suggests that Bitcoin has outperformed the broader altcoin market during this price rally.
Despite Bitcoin’s dominance, altcoins are not left behind in the market rally. Ethereum (ETH) has surged past $2,200, showcasing a 4.1% increase within the day and an impressive 10% gain over the week. Ripple’s XRP has also joined the upward trend, recording a 2% increase in the last 24 hours.
As the crypto market experiences these significant movements, traders and enthusiasts alike are closely watching to gauge the potential impacts on the overall market sentiment and the trajectory of individual cryptocurrencies. The surge in the apex cryoto price and the ensuing market dynamics present both opportunities and challenges for participants across the crypto landscape.