Bitcoin Topped $57K, Ethereum Surpasses $3.2K: Details

9 months ago 1

Bitcoin (BTC) has surged above $56K, an all-time high achieved almost three years ago on February 20, 2021.

The last time BTC was at these levels was in November of the same year.

Monday 26th has been one of the most intense days for the crypto industry, with the two leading assets, BTC and ETH, surging above 10%, liquidating millions of dollars of short positions.

wow $1400 in minutes…. #Bitcoin smashes 55K then $56K
good time to be SHORT – NOT pic.twitter.com/crdSVPM3Zv

— InvestAnswers (@invest_answers) February 27, 2024

Bitcoin remained on the sidelines for the past seven days, unable to overcome the $52K barrier. Most analysts pointed out that $52K was a crucial barrier BTC had to break to reach new all-time highs potentially.
On Monday, the bulls decided to take control and break that barrier, placing BTC at $53K. However, the price action didn’t stop there, as the cryptocurrency managed to reach a high of $55,700 around 9:30 PM (EST), just to add another $1,300 in a few minutes.
BTC at $60K doesn’t seem so far off now, considering the asset is less than $4,000 shy of this figure. So far, $190 million BTC shorts have been liquidated in the past 24 hours.
Bitcoin ETFs have been rapidly growing in size, outpacing gold ETFs in terms of inflows over the past six weeks. Bloomberg analysts suggest that Bitcoin ETFs could surpass gold ETFs in size within the next 24 months.
ETH has been on a roll lately, as well, and the past 24 hours didn’t disappoint. The second-largest digital asset soared past $3,100 earlier on Monday and above $3,200 later that day.
Altcoins are also trading on the green, with coins like Avalanche (AVAX), Binance Coin (BNB), and Mantle (MNT) posting double-digit gains.