Bitcoin Mines $21,000 as Crypto Market Cap Recovers $1,000

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2023 is starting off as a great year for cryptocurrencies, with Bitcoin trading above $20,000 for the first time since FTX collapsed in November 2022.

The flagship digital asset is up 25.9% in the past 14 days and has seen a rapid 11% rise in the past 24 hours to cross the $20,000 mark. The impressive run saw it briefly trade above $21,000 during the early hours of trading on January 14.

Apart from Bitcoin, other top crypto assets have also posted impressive gains over the past 24 hours. Ethereum rose 10% to over $1,500 for the first time since November. Others, like Binance-backed BNB, rose 7%, while Ripple’s XRP jumped 7.4%. Cardano’s ADA, Polygon’s MATIC, and Solana’s SOL all posted double-digit gains during the reporting period.

Meanwhile, the positive run has also led the global cryptocurrency market capitalization to cross the $1 trillion mark. In the past 24 hours, the crypto market capitalization has increased by around 9%.

Source: CoinMarketCapOver $700 million in short positions liquidated

The impressive price performance of the crypto market resulted in massive losses for traders shorting the assets. Data from Coinglass shows that the total liquidation in the last 24 hours was $718.73 million.

According to the data, most of these liquidations came from short positions in the two major digital assets, Ethereum and Bitcoin. Ethereum’s liquidation was $258.08 million, while Bitcoin’s was $236.35 million. SOL also recorded $21.92 million in liquidation.

Most of the liquidations occurred on OKX and Binance exchanges. The two exchanges accounted for 75% of liquidations. Huobi and Bybit also recorded significant liquidations among their traders.

With its impressive price performance, Bitcoin’s market capitalization surpassed $400 million, putting it above tech giants like Tesla, Mastercard, and Facebook’s Meta.

According to available data, BTC is now the 18th most valuable asset by market capitalization. The cryptocurrency is behind traditional financial institution giant JPMorgan, technology companies NVIDIA, Microsoft and others.

Meanwhile, the most valuable asset by market capitalization is the precious metal Gold, while iPhone producer Apple is the second most valuable asset.

Disclaimer

BeInCrypto has reached out to a company or individual involved in the story for an official statement on recent developments, but has yet to receive a response.

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