On Monday, 9 January, the price of the first cryptocurrency rose above $17,000 for the first time since mid-December 2022. In the last 24 hours the asset has risen by 1.6%, according to CoinGecko.
At the time of writing, Bitcoin is trading near $17,200. As seen in the chart below, the price rise is accompanied by a spike in trading volume.
According to Coinglass, over the last 24 hours liquidations on the futures market amounted to $187.2 million. Of these, $22.5 million were Bitcoin-based contracts, $49.5 million Ethereum.
The second-largest cryptocurrency’s price sits at $1,309 (up 3.6% in the last 24 hours).
The leaders led the market higher. The most notable rally was Cardano, up 18.3% over the last 24 hours. In the second ten of the ranking, Solana posted a double-digit rise (21.6%).
In December, Galaxy Digital founder Mike Novogratz reiterated his forecast for Bitcoin’s price to reach $500,000.
Former BitMEX CEO Arthur Hayes expressed the view that Bitcoin has bottomed out, as almost all ‘irresponsible organisations’ have run out of BTC to sell.
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