Bitcoin’s recent surge has propelled its price above $41,000, marking a level not seen in approximately 18 months since April 2022. This upward movement has not only created excitement but has also resulted in significant repercussions for the derivatives markets.
According to data from Coinglass, the surge led to the liquidation of a total of $190 million worth of derivatives positions, with $150 million attributed to short positions.
Bitcoin’s dominance, a key metric indicating its market share relative to other cryptocurrencies, has experienced a notable increase, currently standing at 50.5%. This suggests that Bitcoin has outperformed the broader altcoin market.
Despite Bitcoin’s dominance, many Altcoins are also witnessing positive movements. Ethereum (ETH) has surged above $2,200, showing a 4.1% increase in the last 24 hours and a 10% increase over the week. Ripple’s XRP has also recorded a 2% gain in the past 24 hours.
The cryptocurrency market is experiencing heightened activity as Bitcoin’s rally influences both its own ecosystem and the broader landscape of digital assets.
