The bear market rally that stumped much of the crypto industry continued over the weekend as Bitcoin hit $23,230 for the first time since August 2022. Bitcoin is now up 50% from its local low of $15,400.

Source: TradingView BTC-USD

Bitcoin has moved into a leading position among global assets outperforming major asset classes. Additionally, 2023 has seen growth across multiple sectors as inflation begins to cool. Since the November lows, gold and the S&P500 are up 19% and 13%, respectively.

In the last 24 hours, the markets have witnessed more than $387 million in cryptocurrency liquidations, the majority involving BTC and ETH for a total of $165 million.

Total Liquidations / Source: Coinglass

Short positions throughout this bear market rally have dominated the liquidations. However, that is not to say that long positions have been completely safe. As Bitcoin continues to rally, frequent pullbacks at key resistance levels have caught bulls off guard. For example, on January 18 and 21, BTC longs were liquidated for more than $30 million.

BTC Liquidations / Source: Coinglass

Ethereum has seen similar performance to Bitcoin throughout 2023 as it jumped to $1,647 from a low of $1,074 in November following the FTX crash.

At press time, Bitcoin is ranked #1 by market cap and BTC price is up 8.87% during the last 24 hours. BTC has a market capitalization of $445.52 billion with a 24-hour trading volume of $37.46 billion. Learn more >

BTCUSD Chart by TradingView

Bitcoin on-chain analysis

Market Summary

At press time, the global cryptocurrency market is valued at $1.05 trillion with a 24-hour volume of $71.97 billion. Bitcoin dominance is currently at 42.38%. Learn more >

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