- Bitcoin Surpasses $64K, Approaches $65K
- Cryptocurrency market grows with capitalization above US$ 2,35 trillion
- China's economic stimulus impacts global markets
The cryptocurrency market has seen a significant surge in the past 24 hours, with the total market cap surpassing the $2,35 trillion mark. This remarkable increase was driven by the surge in the value of Bitcoin and several altcoins, as well as a notable appreciation in some meme coins.
Earlier today, Bitcoin managed to break above $64.000, approaching a new critical level of $65.000. “As you can see from the chart, the surge was sudden, taking the price from below $63.000 to above $64.000 in one hourly candle. The bears tried to push it back down but failed, and the bulls are currently in control,” the market analyst details.
Bull Market
The derivatives market reflected this robust movement, recording more than US$180 million in leveraged positions liquidated in the period. Of these, approximately US$120 million belonged to short operations, evidencing dominant buying pressure.
In the global context, Bitcoin hit a seven-day high, also influenced by uncertainty on Asian stock markets following China's economic stimulus announcements over the weekend. The cryptocurrency rose 2,5% during the day, reaching $64.300, its highest value since early October.
China’s decision to “significantly increase” its economic support, despite a lack of details on the size of the stimulus package, has sparked a wave of expectations and uncertainty in the stock market. Asian stocks were mixed, with the Shanghai Composite Index rising 1,6%, buoyed by hopes of an economic recovery.
Cryptocurrencies today
Likewise, most major altcoins are eyeing further upside. ETH is up over 3% and has broken above the $2.500 resistance. Solana is trading at $152,90, up 4%. XRP is stuck below $0,55. Cardano is close to $0,3552, with no gains on the day. The early highlights of the day are BRETT, ENA and WLD, which are up over 10% on the day.