Bitcoin has broken through the $57,000 mark, reaching just 20% below its all-time high of $69,000 in 2021. This surge is attributed to the pre-halving rally and the news of BlackRock’s iShares Bitcoin Trust (IBIT) trading a record $1.3 billion worth of shares.
On Monday, Bitcoin continued its upward trend, reaching a peak of $57,250 on Coinbase. This increase also saw the liquidation of $271 million in short positions, with a total of $189 million liquidated in shorts. Ethereum also saw a surge, reaching highs of $3,280 and resulting in the liquidation of $67.8 million in short positions.
While Bitcoin has been on a bullish run, altcoins have largely remained stagnant. According to market intelligence platform Santiment, altcoins have taken a backseat as Bitcoin dominates the market.
BlackRock’s IBIT, which is the largest spot Bitcoin ETF, outperformed all others on Monday with a total volume of $1.3 billion out of the $2.4 billion recorded. This was confirmed by Bloomberg ETF Analyst Eric Balchunas, who noted that this was a record-breaking volume for the ETF.
The news of MicroStrategy’s purchase of 3,000 BTC also contributed to the upward momentum of Bitcoin. This increases their total BTC holdings to 193,000, worth $6.09 billion. The company’s latest purchase was for $155 million.
On Tuesday, Bitcoin was trading around $56,430 in the early hours of the day. This shows the continued strength of the crypto market and the growing interest from institutional investors.
Overall, it’s an exciting time for Bitcoin and the entire crypto market. With new records being broken and increased interest from big players like BlackRock and MicroStrategy, the future looks bright for cryptocurrencies.
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