Bitcoin’s surge to over $41,000 has sent shockwaves across derivative markets, creating significant turmoil in its wake.
This surge marked a monumental milestone as Bitcoin surpassed the $41,000 mark for the first time in nearly 19 months, a level unseen since April 2022.
As per Coinglass data, the upward momentum resulted in the liquidation of approximately $190 million worth of derivatives positions, with shorts accounting for a substantial $150 million of the total.
This price spike further bolstered Bitcoin’s dominance, a metric indicating its market share compared to alternative cryptocurrencies. Presently, it stands at 50.5%, indicating Bitcoin’s outperformance relative to the broader altcoin market.
However, the positive momentum isn’t exclusive to Bitcoin. Ethereum (ETH) reflects a notable surge, trading above $2,200, signifying a 4.1% increase within 24 hours and a remarkable 10% surge over the week. Ripple’s XRP has also seen a 2% uptick in the past day, contributing to the overall bullish trend among altcoins.