Bitcoin (BTC) surged to a nine-month high of over $27,000 and has liquidated more than $200 million from short sellers, according to available data.
During the last 24 hours, BTC rose by 4.24% to $27,470 at the time of writing, according to BeInCrypto data. This continued its positive price performance over the past seven days, increasing by roughly 37% and 13% over the past month.
After mainly trading around the $20,000 to $24,000 range in February, BTC dropped below $20,000 in early March after USD Coin (USDC) depegged. However, the recent collapse of several crypto-friendly banks in the US has pushed more investors into Bitcoin.
The head of research at MatrixPort, Markus Thielen, told BeInCrypto that the BTC price rallied because of the depositor bailout issued by the US government last week Sunday and when regional bank stocks declined before the market opened on the following Monday. Thielen added that if BTC can maintain its current run, its next target would be $28,000 or $30,000.
BTC Dominance Climbs to 9-Month High
Bitcoin’s dominance has also climbed to a nine-month high of 46.54%, according to Tradingview data. The last time BTC dominance reached this high was in June 2022.
Usually, BTC’s dominance tends to rise during market volatility as it is mainly considered a more stable asset than rival cryptocurrencies.
דערווייַל, ביטקאָין האט אַוטפּערפאָרמד traditional assets like Gold, NASDAQ, and S&P 500 in the current year. In 2023, BTC has grown by more than 50%, while the best-performing traditional asset is NASDAQ, rising by around 20%.