Bitcoin
A$ 81,223
WINkLink
A$ 0.0008495
Ethereum
A$ 5,626.4

Bitcoin Pokes $48K as The Crypto Market Cap is Up by $170B in a Day

It seems the positive news coming from the US continues to impact the cryptocurrency market as BTC spiked once more – this time above $47,000. With most alternative coins following alone, the liquidations have risen to roughly $400 million on a daily scale.

The primary cryptocurrency had dipped all the way down beneath $41,000 for the third time in less than a week yesterday. However, it bounced off and increased to around $43,000 rather rapidly.
BTC stood there for a while, but the situation changed once more following a meeting in the US in which Fed Chair Jerome Powell reassured that the country has no plans to institute a ban on cryptocurrencies.
This had an immediate effect on the markets as BTC jumped by $2,000 to a weekly high of around $45,000.
However, this wasn’t the end of the asset’s daily gains as it initiated another impressive leg up in the following hours. This time, it went to $47,800 (on Bitstamp) – the highest price tag since September 20th.
But, it’s not just bitcoin. The rest of the altcoins have followed suits with massive double-digit gains.
Such are evident from Binance Coin, Solana, Polkadot, Uniswap, Chainlink, and more. Ethereum has recovered over $300 since yesterday’s low and currently sits above $3,200.
The entire market capitalization has risen above $2.050 trillion after a $170 billion increase in a day.
Additionally, the liquidations are now more than $400 million, with the largest order being a short position on Bitmex worth $10 million.

Cryptocurrency Market Overview. Source: Quantify Crypto

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin81,223 0.44 % 2.85 % 5.25 %
Ethereum5,626.4 1.16 % 0.29 % 9.00 %
Binance Coin645.37 0.73 % 0.57 % 0.59 %
Tether1.340 0.11 % 0.07 % 0.16 %
Cardano2.870 0.44 % 1.54 % 1.99 %
Solana271.62 1.17 % 1.95 % 30.71 %
XRP1.490 0.37 % 0.01 % 2.29 %
Polkadot59.82 1.32 % 1.92 % 8.70 %
Dogecoin0.3461 0.68 % 1.63 % 5.64 %
USD Coin1.340 0.23 % 0.15 % 0.59 %

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