Bitcoin added more than seven grand in value in the past week and soared past $60,000 for the first time since the end of August earlier today.
The altcoins are also well in the green, with ETH rising above $2,400, LINK exploding by 6%, and even more gains from some meme coins.
CryptoPotato reported the substantial crash that occurred last Friday when BTC dumped from over $57,000 to $52,500 in hours. At the time, most experts blamed it on macroeconomic factors as well as the growing net outflows from the spot Bitcoin ETFs.
However, the cryptocurrency began to recover some ground in the subsequent seven-day period and even the CPI data on Wednesday could not keep it down for long.
The bulls’ most notable leg up occurred on Friday evening – a week after the aforementioned calamity – as bitcoin skyrocketed to a 16-day peak of over $60,500.
Despite losing some traction since then, the asset is still above the coveted $60,000 line, meaning it has gained over 12% in the past week. This massive surge came amid the trend change in the ETFs, but also after MicroStrategy’s announcement about its latest massive BTC purchase.
Bitcoin/Price/Chart 14.09.2024. Source: TradingViewThe altcoin space has seen impressive increases from the likes of ETH (3%), DOGE (4.5%), XRP (2.5%), TON (4%), AVAX (3.5%), SHIB (4%), LINK (6%), and others. Some meme coins like PEPE have jumped by over 7% in the past day.
The total value of liquidated positions has risen to almost $130 million on a daily scale. GIven that 80% of them are from short positions, this means that over $100 million traders with bearish sentiment have been wrecked, according to CoinGlass.