Trading Price Of Bitcoin Has Reached $21,000 While Overall Crypto Market Cap Reaches $1 Trillion


On Oct. 26, the trading price of Bitcoin (BTC) managed to hit a high trading price of $21,000. A look back at the data suggests that this is the first time the trading price of Bitcoin has hit this level since September.

The data shows that the trading price of Bitcoin gained momentum and rose higher as the investors backed it up with strong sentiments. As the gains solidified in favor of Bitcoin, the price of Bitcoin started rising.

Data from TradingView

The report shows that the trading price of Bitcoin successfully rose to a high of $21,012. Even at the time of writing, the trading price of Bitcoin continues to rise higher.

From the looks of it, the investors are eager to try out higher levels of Bitcoin. This is the reason why they are trying their best to keep the trading price of Bitcoin higher backing it up with strong accumulation.

It had been almost six weeks since the trading price of Bitcoin had reached the particular. Now, the situation is working out in favor of the bulls and the price of Bitcoin is moving higher.

Liquidations Followed the Trend

As the investors kept supporting Bitcoin, its trading price kept moving higher. It reportedly moved to a higher level but the liquidations followed the trend.

With the price of Bitcoin moving higher, it was a long-awaited opportunity for investors with short positions. It allowed them to generate profits for the first time after months of waiting.

The data shows that since the price of Bitcoin went higher, only the liquidation recorded for Bitcoin was worth $750 million.

A further look into the data shows that $1.43 billion worth of cross-crypto liquidations as the price of Bitcoin moved higher.

The Gold Price Helped Bitcoin

The remarkable recovery in the trading price of Bitcoin was not due to the strong performance of the USD. Instead, it was due to the strong performance of Gold in the commodity trading market.

As the gold price rose to a higher level, it reportedly caused the USD to struggle, which helped Bitcoin witness a great recovery.

In recent trading sessions, the value of the USD has plummeted versus the major currencies as well as the yellow metal.

According to the data, the DXY reached its lowest level it had hit since September 20. This has also helped pull the trading price of Bitcoin.

Binance, the largest crypto exchange in the entire crypto-verse has also shared its report surrounding liquidations. The exchange confirmed that they have also recorded a great surge in Bitcoin liquidations.

Despite the liquidations, the value of Bitcoin has continued rising. The significant rise in Bitcoin’s value also helped boost the morale of other investors.

This has also helped boost the valuation of the entire cryptocurrency industry by 2.5%, bringing it closer to $1 trillion.