On Monday, bitcoin’s value soared back to the $70,000 mark after a decline to just under $60,000 the previous week. Over the last 24 hours, its value against the U.S. dollar has increased by 7%, reaching a peak of $70,645 for each unit.
Bitcoin Climbs Above $70,000, Marking a Stellar Recovery
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Bitcoin’s Swift Comeback
For the first time since March 14, 2024, bitcoin (BTC) has risen above the $70,000 benchmark, marking 11 consecutive days of this achievement. Its price has climbed more than 7% in the past day and has seen a 4.2% increase over the past week. With its current value, bitcoin’s market cap has hit $1.38 trillion, accounting for 52% of the entire $2.64 trillion cryptocurrency market economy.
Currently, BTC is a mere 4.8% shy of breaking its all-time high of $73,794 set on March 14, 2024. Today’s peak price of $70,645 per unit represents a significant recovery from its low of $64,568 per BTC during the day’s trade. Bitcoin dominates $42 billion of the day’s $120 billion in global trade volume.
The recent ascent in BTC’s price has triggered $34.12 million in liquidations over the past four hours and $41.62 million across the last 12 hours, exclusively from short positions. In the past day, BTC short positions totaling $77.8 million have been eliminated.
What do you think about bitcoin rising back to the $70,000 range? Share your thoughts and opinions about this subject in the comments section below.
About the author
WRITTEN BYJamie RedmanNews Lead
Jamie Redman is the News Lead at Bitcoin.com News and a financial technology journalist based in Massachusetts.
