Bitcoin hits $60k for first time since November 2021

The price of Bitcoin crossed the $60,000 mark for the first time since Nov. 21, 2021.

According to CoinMarketCap data, Bitcoin (BTC) is trading at $60,250 at the time of writing. For a moment, the price rose to around $60,500. Bitcoin increased by about 6% in a day and by more than 18% in a week.

Against the background of the growth of the Bitcoin rate, the asset dominance indicator increased to 54.4%, and the volume of liquidations on futures contracts in the crypto-asset market rose to more than $342 million in 24 hours. About $210 million in losses occurred in short positions, while traders liquidated $133 million in long positions.

BTC’s price has been increasing steadily since September 2023. The upward movement stalled in December, but it began gaining momentum again this month. The drivers of the rapid growth of the Bitcoin price were the upcoming halving in the spring of 2024, as well as a significant influx of capital into spot Bitcoin ETFs.

Glassnode analysts point out that a speculative frenzy against the backdrop of the bullish trend in BTC grips the Bitcoin market. Fresh capital flows, general exchange activity, leverage in crypto derivatives, and institutional demand indicate this.

QCP Capital analysts also indicated that BTC reaching $60,000 is a natural target for the March expiry.