Bitcoin Nears Its Zenith as Crypto Market Sees Strong Gains
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Bitcoin is showing strong signs of recovery, moving closer to its all-time high. Currently, the coin rose above $105,000 for the first time since January, trading at around $105,414, as it prints a 2% gain today and a 25% rise over the last 30 days. As it stands, the current price puts Bitcoin just 3% away from its all-time high of $108,786, which it reached on January 20, the day of President Trump’s inauguration.
To this end, the price rise is happening without any major news, showing investors still have confidence in risky assets like cryptocurrencies, especially as global trade tensions appear to be easing.
Altcoins Follow Bitcoin’s Uptrend
Bitcoin wasn’t the only coin climbing on Sunday. Other major cryptocurrencies also recorded strong gains. Ethereum (ETH) went up by 3.5%, reaching $2,563. XRP rose nearly 4% to hit $2.43, while Solana jumped more than 4% to trade around $175. Dogecoin led the top 10 cryptocurrencies in gains, increasing by nearly 8% to reach $0.232. These upward moves show that the crypto market is performing well, likely due to improving investor confidence and positive market sentiment.
These price surges are encouraging for long-term holders and traders who had bet on higher prices. The market seems to be moving together, with most top coins rising. Investors appear to be returning to riskier assets as economic fears decrease.
Short Sellers Suffer Losses
As prices increase, traders who bet against the market, known as short sellers, are taking big losses. In the past day alone, around $128 million worth of short positions were wiped out. Overall, $192 million in total crypto trades were liquidated, according to data from CoinGlass.
These liquidations often happen when the market moves quickly in the opposite direction of traders’ expectations. As crypto prices rise, short sellers are forced to exit their positions, pushing prices even higher. This adds to the current momentum in the market.
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