Home » Fussball » Bitcoin Rockets Up 50% From Local Low, Outshining Gold and S&P500

Bitcoin Rockets Up 50% From Local Low, Outshining Gold and S&P500

• Bitcoin is up 50% from its local low of $15,400, outperforming gold and the S&P500.
• Over the past 24 hours, markets have witnessed over $387 million in crypto liquidations, the majority involving BTC and ETH.
• At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 8.87% over the past 24 hours.

It has been a wild ride for the crypto industry over the past few months. After hitting a local low of $15,400 in November, Bitcoin has been on a steady rally, breaking the $23k barrier for the first time since August 2022. This rally has outpaced the traditional asset classes of gold and the S&P500, with Bitcoin up 50% from its bear market low compared to 19% and 13%, respectively.

Over the past 24 hours, markets have witnessed $387 million in crypto liquidations, the majority of which involved BTC and ETH for a total of $165 million. Most of the liquidations have been short positions, however, frequent retracements have also caught some bulls off guard. Ethereum has also seen a similar performance to Bitcoin, jumping to $1,647 from a low of $1,074 in November.

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 8.87% over the past 24 hours. The total market capitalization of Bitcoin is now $445.5 billion, with Ethereum a distant second at $198.9 billion. With the increasing number of institutional investors entering the crypto space and the increasing popularity of DeFi, the future of the crypto market looks bright. Only time will tell how high Bitcoin and Ethereum can reach.