The price of Bitcoin (BTC) surpassed $55,000, the digital asset’s highest price level since May 2021. Binance showed the development, delineated by a massive green candle, on its chart. Bitcoin later entered a retracement to just under $54,000. However, the candle wick on the chart shows that the price went as high as $55,555 before the retracement. This now means that Bitcoin is up by all of 10% within the last 24 hours. As of press time, Bitcoin is back over $55,000.
In addition, Bitcoin’s market dominance is also on the rise. This comes as the altcoins fail to keep up with the pace, although they too recorded some relative gains. The king coin’s dominance is currently over 45%, which represents the highest in almost two months. In addition, within one hour today, there was a total of $162 million worth of liquidations. 89% of these were short positions.
The development also means that within the same hour, about $145 million worth of shorts were liquidated. Furthermore, the majority of these came from Huobi.
In the last seven days, Bitcoin has climbed more than 35%, according to data from CoinMarketCap.
Image Credits: Pixabay
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