There was a resurgence in the cryptocurrency market on October 26 as Bitcoin’s (BTC) price climbed above $20,000 for the first time in weeks, and Ethereum’s (ETH) price rose above $1,500 for the first time since the post-merge crash; meanwhile, the market as a whole looks set to surpass $1 trillion.
Specifically, the value of the cryptocurrency market increased by $66 billion in the last twenty-four hours, rising from $928 billion on October 25 to $994 billion.
Crypto market cap 1-day chart. Source: CoinMarketCap
Indeed, the market capitalisation is just $6 billion away from exceeding $1 trillion, which is the closest it has been to recapture the level in nearly six weeks, with the market cap having last been above the psychological $1 trillion threshold on September 14.
Crypto market cap 3-month chart. Source: CoinMarketCap
Bitcoin hits the highest level since mid-September
Bitcoin reached its highest levels since the middle of September as the most prominent digital currency is getting closer and closer to the critical $21,000 barrier, trading at $20,649. What started as a siege on the $20,000 level then continued throughout the day, with liquidations climbing further after having already sealed the year’s largest shorts obliteration.
Interestingly, Bitcoin alone was responsible for liquidating $550 million in the previous 24 hours, as the focus turned to Bitcoin bulls amid a lingering price bottom.
Yesterday we had the biggest shorts liquidations event at FTX in its entire history! 🚨
High leverage market pushes bears into the worst liquidation event of this bear, even with a price change of only +/- 5%.#Bitcoin pic.twitter.com/2I9yFO6Hq9
— Cauê Oliveira 💊⚡ (@caueconomy) October 26, 2022
Notably, Finbold reported that prominent crypto trading expert, Michaël van de Poppe, identified the $19,500-$19,600 mark as “crucial resistance” and that if Bitcoin can consolidate support at this level, it could spark a possible short squeeze.
Elsewhere, the price of Ethereum has risen beyond $1,500 and is now trading at a 14% gain over the last 24 hours. Ethereum has reached the $1,500 milestone for the first time since September 15, when the price of ETH fell significantly following the network’s successful Merge upgrade.
Other notable cryptocurrencies have seen significant price increases, with Dogecoin (DOGE) gaining 10.96% in the past 24 hours, changing hands at the price of $0.0662. Another (DeFi) token, Cardano (ADA), also has recorded double-digit gains over the last day amid easing market sentiments strengthening by 12.92% on the day to trade at $0.4063.