The price of Bitcoin rose 6.6% over the previous day and momentarily breached the $42,000 barrier.
With this rise, levels have recovered to those last observed before the May 2022 Terra catastrophe.
The amount of cryptocurrency market liquidations has surged simultaneously; over $160 million has been sold in the last day alone, mostly from short positions.
The bitcoin price peaked at $42,100 and is presently at $41,603, after seeing a little decrease after hitting the $42,000 mark.
Bitcoin why is it going up
This spike, which shows a tremendous value gain of over 150% since the beginning of the year, indicates a complete retracement to Bitcoin’s high above $41,000 in early May 2022.
The total market capitalization of cryptocurrencies worldwide has also seen a noteworthy surge, hitting $1.62 trillion, which is a 4.0% rise in only the last day. The market capitalization of all cryptocurrencies combined last hit this peak in late April 2022.
The amount of money exchanged on cryptocurrency exchanges in November exceeded $826 billion, which is the greatest monthly amount since March of the same year.
According to on-chain statistics, the daily trade volume of Bitcoin reached an annual high of $32 billion, its highest level since December 1, having grown from above $30 billion on December 1.
This spike, which shows a tremendous value gain of over 150% since the beginning of the year, indicates a complete retracement to Bitcoin’s high above $41,000 in early May 2022.
The total market capitalization of cryptocurrencies worldwide has also seen a noteworthy surge, hitting $1.62 trillion, which is a 4.0% rise in only the last day. The market capitalization of all cryptocurrencies combined last hit this peak in late April 2022.
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The amount of money exchanged on cryptocurrency exchanges in November exceeded $826 billion, which is the greatest monthly amount since March of the same year.
According to on-chain statistics, the daily trade volume of Bitcoin reached an annual high of $32 billion, its highest level since December 1, having grown from above $30 billion on December 1.
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