Bitcoin Surpasses Silver in Market Capitalization As Bears Suffer Losses
For the first time since the launch of cryptocurrencies, Bitcoin has now surpassed Silver in market capitalization. Bitcoin surged in price, trading volume, and market capitalization to beat Silver on the market cap. Ranking. Bitcoin continues to lead other tokens to break limits and set new records as it moves towards a much-anticipated rally. Although Bitcoin and Ethereu dipped a bit, they have both rallied to show stronger price action in the upward trend.
But this has come at a price to bearish investors who predicted a lower price today. Bears lost a total of $240 million across coins today. The losses represent one of the highest amounts to be lost in a single day of trading.
What Happened?
Coinglass, one of the leading cryptocurrency trading information platforms, reported that bears experienced their biggest loss in three weeks today. The platform reported the liquidation of over $240 million from open long and short positions, representing the worst market loss in nearly one month.
Bitcoin bears were the worst off, losing $130 million, to be followed by Ethereum bears who lost $50 million. Investors who went short on Doge, Ripple, Shiba Inu, and Solana, experienced over $20 million liquidations today. Today’s liquidation can enter the ranks of the worst liquidations to have happened within a 24-hour trading period.
According to Coinglass, 46,831 investors opened short positions, representing 73% of the total trades. Only 27% of traders went long and got liquidated. Coinglass further reported that OKex had the biggest liquidation as Bitcoin traders on the BTC/USDT pair quickly lost $6.57 million. The volatility of the crypto market means that traders can quickly make profits or experience losses on the smallest market movements. Although traders have experienced more losses than this; the massive liquidation of October 19 comes to mind.
Bitcoin is Growing Bigger
Earlier in the day, Bitcoin’s market cap. soared higher than Tesla’s. Tesla’s market cap, at 1.16T, was slightly edged over by Bitcoin when the latter hit 1.37T. Bitcoin’s market cap. grew by 5.68% today. The world’s first cryptocurrency has now set a record as the first digital token to surpass a commodity in market cap. This move puts bitcoin in the top 8 most valuable assets based on market cap.
It comes as no surprise, however, as Bitcoin has been tipped to hit unbelievable prices this year. Still, it is a welcome development that the crypto community would hope signals a hard bullish run. In the coming months, BItcoin’s value is expected to increase when more projects are launched on the network.
With the growing number of people that are pushing for BItcoin adoption in the US and elsewhere, we may be in for some unprecedented bull run in the future. For now, BItcoin shows a strong upward move and looks like it would retouch its ATH for the first time since it set that record in October.
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