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Bitcoin Breaks Past $70,000 After a 6% Surge

source-logo  coinspress.com 20 May 2024 17:13, UTC

The cryptocurrency market is experiencing a significant surge, with Bitcoin breaking past the $70,000 mark and Ethereum soaring above $3,440.

This impressive performance reflects the increasing investor confidence and bullish sentiment in the market.

Bitcoin’s Remarkable Performance

Bitcoin has hit a new milestone, with its price reaching $70,200. Over the past 24 hours, Bitcoin has surged by 6.15%, contributing to an 11.2% increase over the past week. The leading cryptocurrency now boasts a market cap of $1.38 trillion and a trading volume of $33.3 billion, underscoring its dominance in the market.

Ethereum’s Impressive Surge

Ethereum has also shown remarkable gains, with its price climbing to $3,440. This represents a 12% increase in the last 24 hours and a 16.5% rise over the past week. Ethereum’s market cap now stands at $413 billion, with a trading volume of $19 billion. The strong performance of Ethereum highlights its growing utility and the continued interest in decentralized finance (DeFi) and smart contract platforms.

READ MORE: Bitcoin Not Going to Reach New ATH Until Macro Changes: Mike Novogratz

Market Liquidations and Technical Analysis

The total liquidations in the crypto market over the past 24 hours amount to $235.6 million, with $62.6 million in long positions and $173 million in short positions. This level of liquidations reflects the volatility and rapid price movements that have characterized recent trading sessions.

Technical analysis from Trading View paints a bullish picture for the market. The 1-day summary indicates a “strong buy” with 16 signals, while moving averages also show a “strong buy” with 14 signals. Oscillators are also positive, showing a “buy” with 2 signals. These indicators suggest that the market sentiment is strongly bullish, supporting further upward momentum for both Bitcoin and Ethereum.

The recent surge in Bitcoin and Ethereum prices underscores the robust interest and positive sentiment in the cryptocurrency market. As Bitcoin surpasses the $70,000 milestone and Ethereum continues its upward trajectory, investors are increasingly optimistic about the future potential of these digital assets. With strong technical indicators supporting this bullish outlook, the market is poised for further growth in the coming days.