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Bitcoin Poke $ 48,000 As Crypto Market Cap Rises $ 170 Billion In One Day

For the first time since mid-September, the price of Bitcoin has climbed above $ 47,000 per day. The bullish news from the United States appears to be influencing the cryptocurrency market as Bitcoin topped $ 47,000 for the second time. On a daily basis, liquidations soared to nearly $ 400 million, with most alternative coins following suit.

Image source: Cryptopotato

The major cryptocurrency yesterday fell below $ 41,000 for the third time in less than a week. However, it quickly bounced back and soared to over $ 43,000. BTC remained stable for a while, but the situation changed again following a meeting in the United States when Fed Chairman Jerome Powell reaffirmed the government was not considering implementing a ban of cryptocurrency.

Markets reacted immediately, with BTC surging $ 2,000 to a weekly high of around $ 45,000. The asset’s daily gains didn’t stop there, however, as it began another dramatic surge in the hours that followed. It rose to $ 47,800 (on Bitstamp) this time, the highest price since September 20.

It’s not just Bitcoin, however. With huge double-digit gains, the rest of the cryptocurrencies have followed suit. Examples are Binance Coin, Solana, Polkadot, Uniswap, Chainlink and others.

Since yesterday’s low, Ethereum has recovered nearly $ 300 and is now trading above $ 3,200. After an increase of 170 billion dollars in a single day, the total market value exceeded 2,050 billion dollars. Additionally, closeouts exceeded $ 400 million, with the highest order being a $ 10 million short position on Bitmex.

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Also read: Ripple Buries SEC in Paperwork in XRP Lawsuit


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