• Bitcoin has broken $21,000, with the market cap at $403 billion.
• $245 million of shorts were liquidated over the past 24 hours, while $255 million of Bitcoin was bought on spot markets.
• Bitcoin’s gains this week may be due to positive anticipation and sentiment toward a Consumer Price Index announcement.
The cryptocurrency Bitcoin has broken a new record, reaching a price of $21,083 at 12:59 a.m. UTC on Jan. 14, according to Coingecko data. This marks a 12% increase in its value in just 24 hours and a massive jump in its market cap, which now stands at $403 billion.
The surge in Bitcoin’s value is part of a larger trend in the crypto market, with the entire crypto market cap up 8% in the past 24 hours, now at a staggering $1.02 trillion. This notable growth has outpaced that of the stock market, with the Dow Jones up 0.3% today.
The cause for Bitcoin’s impressive performance today may not be due to any one major event, but rather to a combination of factors. Positive anticipation and sentiment toward a Consumer Price Index (CPI) announcement this week likely contributed to its growth, and investors may be optimistic now that Bitcoin has crossed the round number of $20,000.
In addition, data shows that $245 million of shorts were liquidated over the past 24 hours, while $255 million of Bitcoin was bought on spot markets today. This indicates that investors are feeling confident in the cryptocurrency, as they continue to purchase it in large amounts.
All in all, Bitcoin’s performance today is indicative of a larger trend in the crypto market. With more and more people investing in cryptocurrency and its value continuing to rise, it’s clear that Bitcoin is here to stay.