Bitcoin Hits 18-Month High-Crypto Market Profits $50B

After slipping to $34,500 a few days ago, the bulls reacted quickly, with Bitcoin reaching $36,000. After a brief rejection, the asset started another leg-up that took it to the same level late last night.

This time, however, the recovery was even more impressive, with Bitcoin soaring to nearly $37,000 for the first time in 18 months, at the levels it was trading at around the time of Terra’s resounding crash.

Liquidations exceeded $140 million, with its market capitalization at $710 billion.

Its dominance over altcoins is strengthening and is just over 52%.

According to analysts, Bitcoin’s… resurgence is due to it being perceived as a hedge against inflation, a safe haven from the US banking crisis last March and more recently the upcoming launch of Bitcoin ETFs which is expected to open up the investor base, after the relevant approval from the US Securities and Exchange Commission (SEC).

Overall, the cryptocurrency market cap stands at $1.380 trillion on the CMC after a $50 billion daily gain.

At midday Thursday, Bitcoin is up 4.78% at $37,075.69, while Ethereum is up 1.92% at $1,922.15.

As for other well-known cryptocurrencies, Solana is jumping 10.08% to $47.61, while Cardano is up 5.82% to $0.37508118.

Polkadot gains 2.28% to $5.13, Dogecoin gains 2.10% to $0.07590737 and Shiba Inu is up 3.39% to $0.000008525.

Natasha Papadimitropoulou

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