After Bitcoin (BTC) started its worst year since the end of 2021, we started to see a recovery from last night.
The price of leading digital assets has risen from $33,000 at the end of January to $41,000 on Feb. 5, especially as some analysts speculate that some market indicators are showing signs of reversal. Historical data predicts a return of more than $40,000.
However, in the previous 24 hours, 72,700 short traders had to liquidate their portfolios. According to Coinglass, the total loss was $270.8 million.
The most liquidated coin was bitcoin, worth $106.36 million, while ethereum came in second with $69.98 million.
Bitcoin above $41,000
Bitcoin is currently trading at $41,432, up 9.17% in the last 24 hours and 9.53% in the last 7 days.
With the price of bitcoin topping $40,000, the market is more active than it was a few weeks ago. And since hitting a six-month low in late January, BTC has risen more than 25%.
Bitcoin was the most mentioned cryptocurrency on Twitter this week with 31,348,852 million mentions as sentiment about it continues to grow.
It kind of feels like the market is trapping everyone in here.– Short positions were liquidated over the weekend. – People are very eager for #Bitcoin’s downtrend to break. -Cottage coins are falling in $BTC pairs.
Global Cryptocurrency Market
Total market capitalization cryptocurrency according to CoinMarketCap, totaled $1.9 trillion, up 7.76% from the previous day.
Total cryptocurrency market volume increased 36.30% to $94.8 billion in the last 24 hours.
Meanwhile, DeFi's total value is $13.0 billion. This represents 14.00% of the last 24 hours of trading volume.