According to Coingecko data, BTC crossed the 20,000 USD price mark and was valued at 21,083 USD at 12:59 am UTC on Jan 14. That change represented an increase of 12 per cent in the last 24 hours. Its total market capitalisation is now 403 billion USD. This is good news for the industry, as the crypto market was down for a few months.
245 million USD shorts have been liquidated
The data published by Coingecko also shows that more than 240 million USD of shorts have been liquidated in the last 24 hours, while 255 million USD worth of Bitcoin was bought on the spot market today.
No major events going on could have positively affected the investor’s activity. However, the change in the mindsets of the investors could be due to the lack of bad news about the crypto industry in the past few days. It could also be because major downfall causes like FTX’s collapse or Terra’s collapse are fading into the past and do not hold any more significance.
Moreover, Bitcoin’s gain today shows the ongoing growth of the crypto over the past few days. This week, positive anticipation and sentiment toward a Consumer Price Index(CPI) announcement appeared to contribute to Bitcoin’s price growth. There may also be some other things which may have resulted in the change in investors’ activities.
Bitcoin’s 20,000 USD price mark was a psychological barrier
Recently, BTC crossed the 20,000 USD price mark and was valued at 21,083 USD at 12:59 am on Jan 14. However, a few months back, the round of 20,000 USD was represented as a physiological barrier, and investors may be optimistic now that Bitcoin has finally crossed that price mark.
According to the reports, Bitcoin and the entire crypto market have outperformed the stock market today. The Dow Jones was 0.3% up today, while the S&O was just 0.4% up today. However, some famous altcoins have seen modest growth compared to BTC. Ethereum, the second biggest cryptocurrency in market capitalisation, was up 9.8 per cent today, while XRP and Polygon gained close to 6 per cent. The main thing remaining to be seen whether the crypto market will continue to trend upward.
What are your thoughts on the success of Bitcoin in crossing the 20,000 USD price market? Will the crypto market be able to continue with the upward trend? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.
Also Read: Coinbase is cutting down around one-fifth of its workforce.
