Bitcoin price clears previous ATH, tops out at $69,990 on Binance
- 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.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
