The cryptocurrency market has had a spectacular breakout over the past few days. At one point, Bitcoin reached $ 49,000. Despite the changing price action, the news over the past few days has caused the top cryptocurrency to rise in price phenomenally. At press time, Bitcoin price is hovering around $ 47,868, recording a 23% increase in the past 24 hours.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price struggled to regain $ 49,000, continuing to rise from $ 46,000 to $ 48,000 over the weekend
Much of Bitcoin’s volatile price action could be attributed to futures being scrapped as eager buyers eagerly piled on long trades expecting a quick breakout to $ 50,000 or high. than.
According to market data collected by Skew, funding rates for permanent Bitcoin futures have steadily increased throughout February, with some funding rates reaching 12-month highs. In the past 24 hours, more than $ 330 million of Bitcoin futures have been liquidated. Most liquidated positions are long.
Despite the changing price action, the news over the past few days has sent the leading cryptocurrency at an extraordinary price. In a week, Tesla bought some $ 1.5 billion worth of Bitcoins.
Ethereum, the second-largest cryptocurrency by market cap, has risen sharply, trading around $ 1,850 and up 3% in 24 hours.
As it set new record highs above $ 1,850, other DeFi related cryptocurrencies followed suit, with some even outperforming Ethereum. According to Messari, the DeFi sector as a whole grew by more than 5% over the past 24 hours, led by Uniswap, Yearn. Finance and others, which rose by a double-digit percentage.