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Bitcoin Price Surges Over $21,000, Crypto Market Cap Surges Over $1 Trillion

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Jan 16, 2023

Bitcoin’s trading price has been experiencing great surges in the past couple of weeks. The data shows that the cryptocurrency with the largest market capitalization has seen its price surge over the $21,000 mark.

Bitcoin Price Surged over $21,000

The price chart shows that on Saturday, the trading price of Bitcoin reportedly went past the $21,000 mark.

In recent months, the entire cryptocurrency market was traumatized by the crash that was witnessed for the FTX exchange.

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As a result, the investors lost their confidence in the cryptocurrency industry. They were not ready to trust any cryptocurrency project at all.

The investors had lost their trust and courage to support cryptocurrencies anymore. They were in shock because several major crypto projects had lost to the market conditions and due to other reasons.

It seems that with the start of the New Year, things have started to go in favor of cryptocurrencies. The investors are coming back to the market and they have started to re-invest.

The investors seem to have found their lost courage and they are now investing in cryptocurrencies. This is the reason why the overall valuation of the crypto market has continued surging since the beginning of 2023.

BTC Crossed $20,000

Since November 8, 2022, the price of Bitcoin had not managed to hit or even come close to the $20,000 mark. The year 2023 is proving to be fortunate for the crypto industry as BTC has managed to hit the $20,000 mark.

The asset has not only hit and crossed the $20k barrier, but it has even gone on to hit and cross the $21k barrier. The most promising detail is that the price of BTC has continued surging for 11 days straight.

The Bears have Faced Huge Losses

Due to the recent price movement, it is the bears who have found themselves to be facing huge losses. The bears were confident that the price of BTC will not make it past the $17k barrier.

They kept on selling BTC as the price of the asset was low. They thought that BTC would soon lose its trend and things would become bearish again.

However, the bulls had prepared for something else and they were ready to push BTC’s price higher. They kept investing heavily in BTC and continued to support the trend for 11 consecutive days.

While most of the investors are rejoicing in their decision, the bears are unhappy and are in a lot of pain. They had liquidated their investments with short positions when they could have made so much more.

Information by Coinglass

A Bitcoin tracking firm has revealed that the bears reportedly liquidated millions of dollars in short positions. They did it only because they thought Bitcoin was not going to make it through $17k.

The liquidations carried out by the bears on January 14 alone were worth $125 million. From January 11 to January 14, the total liquidations recorded in the form of short positions were $300 million.

Overall Crypto Market Capitalization

The push recorded since the beginning of 2023 has proven to be very fortunate when it comes to the overall market capitalization of the crypto industry.

CoinGecko shows that the recent surges have finally managed to push the overall market capitalization of the crypto industry over $1 trillion.

Again, this is the first time since November that the crypto market’s valuation has managed to surge past the $1 trillion mark.

For more than 13 months, the price of BTC has been moving on sideways. The investors were not able to muster up enough buying force to push BTC to a significant level.

After more than 13 months, the buyers have managed to push BTC’s price significantly higher and have maintained a rally for such a long time.

The data shows that the price of BTC had recorded a 77% dip in its trading value, falling from a high of $67,500 to a low of $15,000.

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