Bitcoin’s price exploded above $41K for the first time in some 18 months.
Bitcoin’s price continues increasing throughout the last few days, causing all sorts of havoc on the derivatives markets.
The cryptocurrency managed to top $41K for the first time in some 18 months. The last time it traded above this mark was back in April 2022.
According to data from Coinglass, this latest move caused a total of $190 million worth of liquidated derivatives positions. $150 million of those were short.
Bitcoin’s dominance – the metric used to gauge its share relative to that of the rest of the market – has also spiked following the latest increase in price. It’s currently standing at 50.5%, which means that BTC has performed better compared to the altcoin market.
Nevertheless, most altcoins are also well in the green. Ethereum (ETH) is trading above $2.2K, marking an increase of 4.1% on the day and 10% on the week. Ripple’s XRP is also up by 2% in the past 24 hours.