Bitcoin has seen an incredible surge, breaking through the $41,000 barrier for the first time in 18 months. The impact has reverberated throughout the derivatives market, resulting in around $190 million in liquidated positions, the majority of which were short positions as traders betting against Bitcoin suffered losses.
Bitcoin’s recent price increase has contributed to a significant increase in its market dominance, which now stands at 50.5%. This resurgence highlights Bitcoin’s superior performance in comparison to other cryptocurrencies.
Notably, alternative coins (altcoins) like Ethereum, Solana, Cardano, and XRP have followed suit, with positive price trends in the last 24 hours and a week.
Even meme coins, such as Dogecoin and Shiba Inu, saw significant increases in trading prices during the same periods.
The chart below depicts Bitcoin’s recent price activity over the last 24 hours, capturing the dynamic movement that has sparked renewed interest and activity in the cryptocurrency market.
