Bitcoin’s Bullish Performance

Bitcoin has showcased a robust performance, climbing a significant 16% over the past week and notching up over 15% in gains in the last month. Despite the prevailing price swings that continue to affect leveraged positions in the crypto landscape, Bitcoin’s value ascended past the $49,000 mark on February 12, marking its eighth day of unbroken gains.

Market Liquidations: A Mixed Bag

The past 24 hours have been tumultuous for cryptocurrency traders, with CoinGlass reporting over $135 million in liquidations across the market. These liquidations include both bullish long positions, where traders anticipate a price increase, and bearish short positions, where the expectation is a price decline.

The most substantial single liquidation order was witnessed on OKX, an exchange platform, involving an ETH-USD pair valued at nearly $4 million. However, the bulk of liquidations were Bitcoin shorts, amounting to over $35 million, dwarfing the long positions liquidations at approximately $16 million.

Ethereum and Other Altcoins

Ethereum (ETH) trailed behind Bitcoin in the liquidation stakes, with a dominance of long position liquidations over shorts. Market volatility led to the closure of over $13 million in ETH longs and in excess of $7 million in ETH shorts. Solana (SOL) also felt the heat with under $8 million in liquidated leveraged trades, following BTC and ETH.

Bitcoin’s Price Milestone

On the trading front, Bitcoin’s price pierced the $49,000 ceiling for the first time since January 11, with its price appreciating over 3% at the time of writing. The coin is currently trading at an approximate price of $49,700 according to CoinMarketCap. This surge is backed by a 26% increase in daily trading volume, with over $25 billion worth of Bitcoin changing hands.

Bitcoin’s market capitalization is now hovering at $970 billion, a stone’s throw away from the coveted $1 trillion mark. This milestone, if achieved, would make Bitcoin the first cryptocurrency to do so, fifteen years post its introduction and a mere 62 days before its fourth halving event.