Bitcoin (
$110,171.00 ) surged past $46,000 for the first time since last month’s approval of multiple BTC exchange-traded fund (ETF) products by the U.S. Securities and Exchange Commission (SEC).
CryptoSlate data shows that the leading cryptocurrency saw a 5% increase within the last 24 hours, peaking at nearly $46,500 as of press time.
CryptoSlate Insight reported that the influx of investments into BTC ETFs, such as BlackRock’s IBIT, could provide substantial momentum to Bitcoin ( $110,171.00 ) ’s market value. Additionally, Bitcoin ( $110,171.00 ) ’s current price trajectory aligns with its historical market patterns, suggesting potential for further growth, particularly post-halving.
Markus Thielen, the founder of 10x Research, highlighted historical trends indicating Bitcoin ( $110,171.00 ) tends to experience price upticks during the Chinese New Year period, with festivities commencing by Feb. 10.
“ Bitcoin ( $110,171.00 ) will likely rally at least to the previous January high of around 48,000. As we mentioned in our notes, Elliot-Wave’s analysis indicated that Bitcoin ( $110,171.00 ) could even rally towards 52,000 by mid-March,” Thielen added.
This recent price surge has propelled Bitcoin ( $110,171.00 ) into the top ten assets by market capitalization, reflecting the growing significance of digital assets within the broader financial landscape.
Simultaneously, Ethereum (
$0.00 ) and other prominent alternative cryptocurrencies, including Binance-backed BNB (
$645.65 ) , Solana, Tron, Avalanche, and XRP (
$1.43 ) , demonstrated resilience, registering gains exceeding 2% during the reporting period.
The collective market capitalization of cryptocurrencies expanded by 3% within the past day, reaching $1.7 trillion.
$123 million liquidated
Coinglass data shows that the price movement liquidated $123 million across all assets from more than 38,000 crypto traders during the past day. Among them, long traders saw losses totaling $34 million, while short traders faced liquidations of approximately $90 million.
Crypto Market Liquidation (Source: Coinglass)
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