Crypto Market Surges Above $1 Trillion as Bitcoin & Ether Hit New ATHs
• Bitcoin surged past $22,000, bringing the cryptocurrency market back to a market cap of over $1 trillion.
• The pump has triggered another avalanche of liquidations across digital asset exchanges.
• Ether has pumped from $1590 to $1651 within a short time frame.
The cryptocurrency market has been on an absolute tear lately, with Bitcoin leading the charge. After a minor correction earlier this week, the top asset has pushed back above the $22,000 mark, bringing the total market capitalization back above $1 trillion.
The rally has been fueled by a number of factors, including increasing institutional adoption, a weaker US dollar, and increased retail interest. The past day has seen Bitcoin surge past $22,000, with the asset reaching a high of $22,615 at the time of writing.
The surge has triggered another avalanche of liquidations across digital asset exchanges. According to data from Bybt, over $250 million worth of positions were liquidated in the last 24 hours alone. This is in addition to the $2.6 billion worth of liquidations seen earlier this week.
Ether has also seen a healthy surge, with the asset pushing from $1590 to $1651 in a short time frame. This brings the asset back to levels not seen since the Ethereum merge. The past week has seen a number of bullish milestones for the asset, with the daily trading volume recently surpassing the $30 billion mark.
The cryptocurrency market is showing no signs of slowing down, with both Bitcoin and Ether reaching new all-time highs in the past few days. With the total market capitalization now back above $1 trillion, it looks like the crypto rally is here to stay.