Bitcoin has surged by more than seven thousand dollars over the past week, exceeding $60,000 for the first time since late August earlier today.
The altcoins are also performing well, with ETH climbing above $2,400, LINK experiencing a 6% jump, and notable gains from several meme coins.
CryptoPotato covered the significant drop that took place last Friday, when BTC fell from over $57,000 to $52,500 within hours. At that time, many experts attributed this decline to macroeconomic influences as well as the increasing net outflows from spot Bitcoin ETFs.
Nevertheless, the cryptocurrency began to regain some ground over the following week, and even the CPI data released on Wednesday couldn’t hold it down for too long.
The most remarkable increase for the bulls came on Friday evening – one week after the aforementioned drop – as Bitcoin soared to a 16-day high of over $60,500.
Although it has lost some momentum since then, the asset remains above the important $60,000 mark, signifying a more than 12% increase over the past week. This dramatic increase occurred amidst a shift in the ETF landscape, as well as following MicroStrategy’s announcement about its latest substantial BTC acquisition.
The altcoin market has witnessed notable gains from assets such as ETH (3%), DOGE (4.5%), XRP (2.5%), TON (4%), AVAX (3.5%), SHIB (4%), LINK (6%), and more. Certain meme coins, like PEPE, have risen by over 7% in just the past day.
The overall value of liquidated positions has soared to nearly $130 million on a daily basis. Given that 80% of those positions are short, it indicates that over $100 million traders holding bearish views have faced significant losses, according to CoinGlass.
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