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Bitcoin Explodes to New 26-Month High of Over $53,500, Leaving Almost $200M in Liquidations

Summary:
The price of the largest cryptocurrency by market cap took a sudden liftoff and shot up by more than two and a half grand in minutes to a new 26-month peak of over ,500. The altcoins have also turned green, with ETH soaring even further above ,100 and BNB nearing and briefly surpassing 0 for the first time since May 2022. BTCUSD. Source: TradingViewCryptoPotato reported earlier that BTC’s price had stalled as the asset was unable to overcome ,000 during the weekend despite a few attempts. As such, Bitcoin had declined to ,000, and it seemed like the consolidation around that level would continue. However, that wasn’t the case. The bulls took charge of the market minutes ago and initiated a massive leg-up that resulted in BTC soaring by nearly three grand.

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The price of the largest cryptocurrency by market cap took a sudden liftoff and shot up by more than two and a half grand in minutes to a new 26-month peak of over $53,500.

The altcoins have also turned green, with ETH soaring even further above $3,100 and BNB nearing and briefly surpassing $400 for the first time since May 2022.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

CryptoPotato reported earlier that BTC’s price had stalled as the asset was unable to overcome $52,000 during the weekend despite a few attempts.

As such, Bitcoin had declined to $51,000, and it seemed like the consolidation around that level would continue.

However, that wasn’t the case. The bulls took charge of the market minutes ago and initiated a massive leg-up that resulted in BTC soaring by nearly three grand.

Consequently, the cryptocurrency jumped to $53,750 (on Bitstamp) for the first time since December 2021.

Despite losing some ground since then, BTC still trades above $53,000, and its market cap has exploded to $1.050 trillion.

Many altcoins have turned green as well. Ethereum, which soared past $3,100 earlier today, is now trading above $3,150 following a 3.5% daily increase.

Binance Coin briefly surpassed $400 to chart a new multi-year peak as well. MATIC, NEAR, XMR, and INJ are up by more than 5% on a daily scale.

This volatility has resulted in pain for over-leveraged traders as the 24-hour value of all wrecked positions has gone to $172 million, according to CoinGecko. Naturally, the majority of them come from short positions.

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