• Bitcoin has risen 50% since its local bear market low of $15,400.
• The S&P 500 and Gold have risen 13% and 19% respectively since November lows.
• Over the past 24 hours, liquidations of BTC and ETH totaled $165 million.
The crypto industry has been abuzz in recent weeks as Bitcoin continues to surge, hitting a high of $23,230 for the first time since August 2022. This marks a 50% increase from the bear market low of $15,400 and is significantly outperforming two of the most watched asset classes, the S&P 500 and Gold.
The S&P 500, a stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States, has risen 13% since November lows. Gold, a reliable hedge against inflation, has seen similar gains, with a 19% increase from November lows.
This bullish trend has been further bolstered by a bullish sentiment in the crypto industry. Over the past 24 hours, liquidations of BTC and ETH totaled $165 million. This figure is made up of a combination of short and long liquidations, with the majority involving BTC.
Despite the bullish sentiment, it is important to note that the market is still volatile and prices can change quickly. As Bitcoin continues to rally, frequent retracements at key resistance levels have caught bulls off guard. For example, on Jan. 18 and Jan. 21, BTC longs were liquidated for over $30 million.
At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 8.87% over the past 24 hours. With a market capitalization of $445.52 billion, it is clear that Bitcoin continues to remain the most valuable crypto asset.
It remains to be seen whether Bitcoin’s bear market rally will continue, but it is clear that the crypto industry is in a state of bullish momentum and the future looks bright.