Bitcoin Rallies Above $27,000, Liquidates Over $200M

Bitcoin (BTC) surged to a nine-month high of over $27,000 and has liquidated more than $200 million from short sellers, according to available data.

During the last 24 hours, BTC rose by 4.24% to $27,470 at the time of writing, according to BeInCrypto data. This continued its positive price performance over the past seven days, increasing by roughly 37% and 13% over the past month.

After mainly trading around the $20,000 to $24,000 range in February, BTC dropped below $20,000 in early March after USD Coin (USDC) depegged. However, the recent collapse of several crypto-friendly banks in the US has pushed more investors into Bitcoin.

The head of research at MatrixPort, Markus Thielen, told BeInCrypto that the BTC price rallied because of the depositor bailout issued by the US government last week Sunday and when regional bank stocks declined before the market opened on the following Monday. Thielen added that if BTC can maintain its current run, its next target would be $28,000 or $30,000.

BTC Dominance Climbs to 9-Month High

Bitcoin’s dominance has also climbed to a nine-month high of 46.54%, according to Tradingview data. The last time BTC dominance reached this high was in June 2022.

Usually, BTC’s dominance tends to rise during market volatility as it is mainly considered a more stable asset than rival cryptocurrencies.

Meanwhile, Bitcoin has outperformed traditional assets like Gold, NASDAQ, and S&P 500 in the current year. In 2023, BTC has grown by more than 50%, while the best-performing traditional asset is NASDAQ, rising by around 20%.

Over $200 million in Liquidations

While the market is all green due to the recent rise in Bitcoin value, traders holding short positions against Bitcoin and other cryptocurrencies are in the red. Coinglass data shows that $227 million positions have been liquidated in the last 24 hours, affecting 66,373 traders.

Bitcoin accounts for most of the liquidation, with $108.06 million worth of BTC positions liquidated. The most significant is a $4.74 million short position against BTC on BitMEX.

Top 10 assets average a 3% gain

Other digital assets on the top 10 crypto assets list posted an average of a 3% gain in the last 24 hours, according to BeInCrypto data.

During the reporting period, Ethereum rose 5.24% to $1,815, while BNB gained 3.07% to $343. Cardano, XRP, and Polygon spiked by 4.44%, 3.04%, and 3.63%, respectively.