The bulls have taken control of the market again as the price of Bitcoin breaks above $70k for the first time in over a week. The global crypto market has been experiencing a price correction since the last ten days after the value of Bitcoin, the largest cryptocurrency by market cap crashed to $61k.
However, in a significant turn of events, the leading digital asset has regained some of its loss, leading the general market in a rally today, March 25. Some of the top altcoins in the market including Ethereum (ETH), Solana (SOL), and Toncoin (TON) have all recorded impressive gains over the last 24 hours.
New week, new rally
The crypto market started the week on a high note, dusting off the recent price correction with Bitcoin once again breaking its 2021 high of $69,000. The surge expanded to the majority of digital assets, with almost all constituents of the broad market trading in the green zone.
According to CoinGlass data, the unexpected recovery liquidated $195 million in leveraged derivatives positions across all crypto assets, including $129 million in short positions trying to profit from reduced prices. Bitcoin short liquidations totaled $53 million, which is lower than the recent daily average.
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The number of short liquidations was lower than usual, indicating that few market participants were wagering with leverage on the ongoing downturn.
The reason for Monday’s massive surge is unknown, but the cryptocurrency’s price activity in March has been marked by new highs followed by healthy pullbacks. Alex Thorn, the Head of Firmwide Research at Galaxy Digital had indicated that Bitcoin ETF investors were slowing down from selling shares.
Whatever the reason, it has sent excitement across the crypto community with hopes of a longer upward trend.
Bitcoin (BTC) price today
According to data from Coinstats, Bitcoin is currently changing hands at $70,631 indicating a 7.32% increase in the last 24 hours. Consequently, its market cap has also surged by a significant 7.51% within this time, resting at around $1.39 trillion. In addition, the volume of BTC has surged exponentially by 75% in the last 24 hours signifying growing activities involving the asset.
As the crypto rally continues, investors are closely watching to see how BTC ends the month of March. It has gained over 37% in the last 30 days.
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.