Bitcoin (BTC), which closed 5% higher at US$18,000.850 on the BTC/USDT pair on Thursday, had its best day since the post-FTX crash. It remained there today.
According to Coinglass data, short positions worth more than US$175mln were liquidated following the daily rally.
Before the bears intervened, an intraday high of US$19.120 was set. If they continue to be in control, BTC could fall back to US$18.500.
BTC/USDT could move up to US$19,000.500 in the event of bullish momentum.
Yesterday, Ethereum (ETH), closed 2% higher at US$1,415 Although ETH/USDT fell slightly this morning the price of the pair remains above the US$1,400 mark.
BTC and ETH remain well above their respective moving medians.
The global cryptocurrency market capitalisation has surpassed US$900bn for the first time since November. This was due in large part to strong price action in altcoin.
Cardano (ADA), is more than 20% higher week-on–week. Meanwhile, Polygon (MATIC), Solana(SOL), Ripple/XRP, Polkadot DOT and other large-cap altcoins also have posted double-digit weekly gains.
Avalanche (AVAX) is still strong, with a rally of nearly 40% that has brought its market capitalisation to US$5bn. AVAX’s rally was triggered by news that Amazon Web Services has partnered with them to integrate blockchain protocols into Amazon’s cloud-computing platform.
Gala Token (GALA), Aptos, (APT), and Decentraland are other top performers.