Bitcoin Surges Past $70,000, Highlighting a Remarkable Comeback
On Monday, Bitcoin’s value rebounded to the $70,000 level after previously dropping to just below $60,000 the week before. In the last 24 hours, its exchange rate against the U.S. dollar surged by 7%, hitting a high of $70,645 per bitcoin.
Bitcoin’s Rapid Recovery
Since March 14, 2024, Bitcoin has breached the $70,000 threshold for the first time, maintaining this level for 11 consecutive days.Â
Its price has increased by over 7% in the last day and has risen by 4.2% over the previous week. Currently, Bitcoin’s market capitalization stands at $1.38 trillion, making up 52% of the total $2.64 trillion cryptocurrency market value.
Bitcoin is now just 4.8% away from surpassing its all-time high of $73,794, set on March 14, 2024.
The peak price today of $70,645 per bitcoin signifies a notable comeback from its daily low of $64,568 per bitcoin. Bitcoin accounts for $42 billion of today’s $120 billion in global trading volume.
Bitcoin’s recent price surge has resulted in $34.12 million in liquidations over the past four hours and $41.62 million over the last 12 hours, solely from short positions. Over the past day, Bitcoin short positions worth $77.8 million have been liquidated.
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