Bitcoin (BTC) has broken out of its late-February slump with a startling rally against the US dollar.
BTC/USD shot above $57,000 for the first time since the November 2021 record-setting bull run, having penned 5.3% of gains on Monday before adding another 2.9% this morning.
This rally on the world’s largest cryptocurrency comes as cash inflows into recently approved spot-bitcoin exchange-traded funds continue to march ahead, while traders begin to eye up with the upcoming halving event in April.
The bitcoin halving, which happens every four years, will slash mining rewards in half, effectively cutting down currency inflation by 50% and.
Halving is seen as a major catalyst for bitcoin’s presumed spot.
Bitcoin’s latest breakout has hammered short positions on the futures market, with over 97 million in shorts liquidated yesterday- the largest amount year to date.
Another $65 million in short positions has been eliminated today.
Week on week, bitcoin is now up nearly 9%.
Bitcoin steers higher – Source: tradingview.com
Ethereum (ETH), the second-largest cryptocurrency, has bounced over 10% higher week on week, while Binance’s BNB token is also up in the low single digits.
It’s a mixed bag in the wider altcoin space, with Ripple (XRP) and Cardano (ADA) remaining in the red and Solana (SOL), Dogecoin (DOGE) and Tron (TRX) adding low single digits.
Global cryptocurrency market capitalisation has soared ahead to $2.12 trillion, with bitcoin dominance at 53.5%.
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