The bulls outnumbered the bears in the cryptocurrency market over the past day. As a result, Bitcoin (BTC) climbed above his $21,000 critical resistance level and Ethereum (ETH) traded above his $1,600. This is the first time since the demise of FTX.
Additionally, the overall cryptocurrency market capitalization has returned to $1 trillion after falling below $1 trillion. However, while it has not yet reached that threshold, Coinmarketcap expects him to increase by 9% over the past 24 hours.
Some alternative coins are currently showing significant expansion in the daily charts. The altcoins currently leading in daily gains are SOL up 35%, GALA up 27%, APT up 24%, SAND up 22%, and NEAR up 21%.
Due to this bullish momentum in the cryptocurrency market, data from crypto analytics platform Coinglass shows that 134,852 traders have liquidated $731.36 million worth of cryptocurrencies in the last 24 hours. .
However, the recent market rally has had a major impact on short traders. Coinglass showed that short positions liquidated in the last 24 hours accounted for his 60.54% of market liquidations. According to Coinglass, about $464.401 million of the largest short position has been liquidated in Bitcoin compared to his $207.28 million in Ethereum.
Bitcoin (BTC) & Ethereum (ETH) Price Analysis
On January 12th, Bitcoin (BTC) surged in value, surpassing $19,000, hitting a two-month high. This is the highest since November 8, when it briefly crossed $20,000.
The bulls continued to push the price higher, pushing the asset above $20,000 and even just above $21,000 earlier today. However, according to data from CoinMarketcap, BTC is currently trading at $20,907.14.
Bulls are pushing Bitcoin (BTC) to reach $21,000 again, while bears are trying to prevent further gains. Despite the ongoing tug of war, the largest cryptocurrencies are up 10.49% and 23.49% respectively, showing positive performance on both daily and weekly timeframes. In addition, trading volume increased by 57% for him and market capitalization increased by 10.52% for him in the last 24 hours.
Yesterday, the value of Ethereum (ETH) surged similarly to Bitcoin (BTC), with the price surpassing $1,400. The cryptocurrency reached an intraday peak of $1,432.28 within 24 hours of reaching a low of $1,378.42. ETH is currently trading at $1,538.29, $1,538.29 in 24 hours and $1,538.29 in the last 7 days.
The recent surge in Ethereum (ETH) price has pushed it to its highest level since November 8 when it hit a high of $1,580, similar to the trend seen with Bitcoin. However, the $1,500 resistance level needs to be sustained for the uptrend momentum to continue, which could lead to further gains.
Ethereum (ETH) price could rise to the $1,550 resistance. Further profits can reach $1,600 or $1,620 in the short term. However, failure to clear the $1,430 resistance is likely to result in a downward correction at the first support of $1,394.
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