Cryptocurrency prices have seen a surge in recent trading as Bitcoin rose above the $47,500 mark. Late on Sunday, the majority of cryptos experienced a surge in bullish momentum which saw them break through previously difficult resistance levels.
Bitcoin Breaks Through $47k.
At the time of writing, the market leader Bitcoin has increased by 6.29% in the last 24 hours. The resistance level was breached at $47,000 late on Sunday and the bullish trend continued through to Monday when a new year-to date high of $47.656 was set according to CoinMarketCap data.
The surge in prices appears to have been sparked by several positive factors. Most notably was the revelation of a $10 billion Bitcoin ‘reserve’ plan by Terra Blockchain founder Do Kwon. The positive performance of the S&P 500 is also thought to have had an impact; Arcane Research reported that Bitcoin had a correlation factor of 0.49 with the S&P index on March 18, the highest ever recorded.
“Bitcoin’s correlation to the S&P 500 has only been higher for five days in BTC’s history, demonstrating that the current correlation regime is unprecedented in BTC’s history.” Said Decipher, a digital asset research and analytics company.
Altcoins Post Gains
A host of altcoins have followed Bitcoin’s lead and have seen impressive gains. Ether price surged from $31,175 to $32,280 in under an hour yesterday, before stabilizing at around $3,376, a 7% increase in the last 24 hours. Solana (SOL) is among the top ten most valuable cryptocurrencies in terms of market capital and it’s token increased by more than 9.5% in the last 24 hours to $110.82. Cardano (ADA) also saw significant gains, climbing around 8% to a multiweek peak of $1.24 and a 36% increase in the last seven days.
Avalanche’s AVAX token saw a green candlestick of 8.94% in the past 24 hours, while Terra’s LUNA rose 5.01%. Polygon (MATIC) and Algorand (ALGO) increased by 4.72% and 3.84% respectively.
Bears Face Heavy Losses
The recent uptrend has not been kind to all traders, with Coinglass reporting that over 86,000 traders had been liquidated in the last 24 hours. Liquidations worth $554 million and below were completed. Ether led the selloff with around $87.55 million liquidated in the last 12 hours, followed by Solana with $50.18 million.
Some investors are still waiting to see if the market will maintain its momentum or if it will return below the new support levels. For now, it appears that the bulls are in control, with ToTheBlock’s signals for Bitcoin and Ethereum being bearish and neutral respectively.
