Bitcoin price first hit crossed above $60,000 on March 13 reaching an all-time of $61,683 according to Coinmarketcap data. For weeks, the flagship cryptocurrency stalled around $56,000 to $59,000 after it couldn’t sustain its move above $60k. This led to some doubts on whether the bullish drive would continue.
However, in the early hours of Saturday, we reported that Bitcoin’s price once again reclaimed the $60,000 level and edged very close to its ATH. The price action took BTC to an intraday high of $61,276 while other altcoins follow suit. Also, the total market cap of all cryptocurrencies currently sits above $2 trillion.
Per a Bybt’s report, the price rally has forced traders to liquidate $447 million worth of BTC short positions in four hours. Furthermore, Glassnode’s Lex Moskovski revealed that $163,745,606 BTC shorts were liquidated in one hour adding that “being a bear is expensive.” According to the Bybt’s data, the total amount of liquidation for Bitcoin longs equals $67.77 million.
$163,745,606 of #Bitcoin shorts liquidated in an hour.
While Bitcoin is grinding up to another ATH.
Being a bear is expensive. pic.twitter.com/SNHK9eviU1
— Lex Moskovski (@mskvsk) April 10, 2021
Bitcoin Price Rallies Ahead of Coinbase Listing
The news of Bitcoin’s price rally foreruns April 14, which is the day scheduled for Coinbase to go public on NASDAQ. According to a report from Bitcoin Magazine, there is no doubt that this recent rally would have a positive impact on Coinbase’s listing. The long-term sustainability of Bitcoin and other cryptocurrencies will determine the growth of Coinbase, the report reveals.
The second-largest cryptocurrency, Ethereum, has hit an all-time high following Bitcoin’s upsurge. Although ETH rallied up as high as $2,197 before it finally retraced. Binance coin also soared to an all-time high of $487, according to Coinmarketcap.
