Bitcoin is showing a solid increase, reaching the $97,000 mark while other cryptocurrencies also exhibit positive trends.
Bitcoin's Rise to $97,000
In the past 24 hours, Bitcoin (BTC) reached the $97,000 level, rising by 0.6% with efforts aiming at the $100,000 milestone. According to CoinMarketCap data, BTC is trading at $96,204.85, which is 3.3% off its all-time high of $99,655.50 seen six days ago. Coinglass data reveals $186.15 million liquidated in the crypto market, with $84.43 million in shorts, contributing to Bitcoin's price increase.
BTC Liquidation Risks
It is crucial to note that Bitcoin's trading range has fluctuated between $99,000 and $90,000, potentially driving more investment into altcoins as BTC profits are stabilized. Coinglass data reveals that if BTC dips to $94,300, a significant $1.12 billion in longs are at the risk of being liquidated.
XRP and Other Altcoins Surge
With positive partnership announcements, XRP surged 8.17% in 24 hours, drawing attention to the growth potential of altcoins. Other tokens also follow this positive trend, inspired by Bitcoin, the leader of the crypto market.
Bitcoin continues to capture investors' attention, and developments surrounding its price can significantly impact the market for other cryptocurrencies. Monitoring potential risks and opportunities in the current market situation is crucial.
