– Bitcoin price recorded a higher ATH on Friday, clearing the previous $69,324 peak.
– Total liquidations surpassed $230 million as BTC open interest soared beyond $30 billion.
– Ethereum price tagged the $4,000 level for the first time since 2021.
Bitcoin (BTC) price rallied north on Friday around 15:30 GMT, clearing its previous peak of $69,329 to set a new all-time high of $69,990 on
Binance exchange.The peak was followed by a quick correction likely in the aftermath of triggered sell orders.
The move saw over $230 million in total liquidations across the market, comprising $101.24 million in short positions against $129.29 million in long positions
Total liquidations
BTC open interest, signifying the sum of all open long and short positions, climbed to $30.31 billion.This signified a $41 million increase from the $29.9 billion recorded on Thursday.
Along with the surge in
Bitcoin price, Ethereum price also made headlines, hitting $4,000 on Coinbase Exchange for the first time since 2021.Like BTC price, ETH also corrected almost immediately.
BTC/USDT 1-day chart, ETH/USDT 1-day chart
At the time of writing Bitcoin price was trading for $66,718 while
Ethereum price was trading at $3,858.The market has turned overly volatile during the late hours of the Asian session, which is cause for caution among traders.
Also Read:
Ethereum price tags $4,000 on Coinbase for the first time since 2021
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money.This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens.If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents.To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand.
The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies.Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined.
It provides a clear picture of Bitcoin’s interest among investors.A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin.A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.
Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Recommended Content
Editors’ Picks
Ethereum restaking sees major boost ahead of Dencun Hard Fork, EigenLayer TVL surpasses $11 billion
Ethereum restaking protocol EigenLayer total value of locked assets climbs to $11.71 billion.Ethereum Dencun Hard Fork, scheduled for March 13, has likely catalyzed the growth of restaking on EigenLayer.
More Ethereum News
Coinbase says value of AI tokens may be overstated due to lack of demand drivers
Coinbase, one of the largest crypto exchanges in the world, published a market intelligence report that addresses the recent gains in Artificial Intelligence (AI) tokens like Bittensor (TAO), Akash Network (AKT), Render (RNDR), and Worldcoin (WLD).
More Coinbase News
Injective Price Forecast: Nearing a breakout towards $55
Injective price edges closer to a breakout as it trades around $43.The short-term target for INJ bulls would be $51, but $55 could be reached soon.A twelve-hour candlestick close below $34.15 would invalidate the bullish thesis.
More Injective News
XRP price drops alongside mass profit taking by Ripple holders
XRP price dropped to $0.62 on Friday as holders took $368.79 million in profits in the past week.
The deadline for the SEC vs.Ripple lawsuit for the regulator’s remedies-related opening brief is March 22.
More Ripple News
Bitcoin: BTC contemplates an increase to $100,000, but when?
Bitcoin (BTC) price shows clear signs of bullishness as it hovers around its new formed all-time high (ATH) of $69,210.Although both the fundamental and technical background are massively optimistic, investors should not be surprised if BTC takes a breather and moves sideways for the next couple of days or weeks.
Read full analysis.
