Cryptocurrency

Bitcoin up 50% from bear market low outperforming SPY, Gold

The bear market rally that puzzled many in the cryptocurrency industry continued into the weekend as Bitcoin hit $23,230 for the first time since August 2022.

BTC price
Source: TradingView BTC-USD

Bitcoin holds a leading position among global assets above the major asset classes. In addition, 2023 saw growth in several sectors as inflation began to decline. Gold and the S&P 500 are up 19% and 13% respectively since their November lows.

Over the last 24 hours, the market has seen over $387 million in cryptocurrency liquidations, mostly related to BTC and ETH, bringing the total to $165 million.

short term liquidation
Liquidation Total / Source: Coinglass

Short positions have dominated liquidations throughout this bear market rally. However, that does not mean that long positions are completely safe. As Bitcoin continues to rise, frequent retracements at key resistance levels have caught the bulls off guard. For example, on Jan. 18 and he on Jan. 21, BTC Long was liquidated with over his $30 million.

BTC clearing
Liquidation of BTC / Source: Coinglass

Ethereum performed similarly to Bitcoin throughout 2023, jumping from a November low of $1,074 to $1,647 after the FTX collapse.

At the time of press, Bitcoin ranks first in terms of market capitalization, and the price of BTC is Up 8.87% Within the last 24 hours. The market capitalization of BTC is $445.52 billion 24 hours trading volume $37.46 billion. Learn more >

BTCUSD chart by TradingView

Bitcoin on-chain analytics
Market overview

At the time of press, the global cryptocurrency market is valued at $1.05 trillion at the 24-hour volume of $71.97 billionBitcoin dominance is now 42.38%. Learn more >

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