Bitcoin, the largest cryptocurrency by market capitalization, has spiked above the the $21,000 mark on Saturday.
The move has encouraged crypto investors who have been shaken by the collapse of several high-profile crypto companies, including cryptocurrency exchange FTX.The move has encouraged crypto investors who have been shaken by the collapse of several high-profile crypto companies, including cryptocurrency exchange FTX.
The rally has inflicted pain on the bears who have liquidated hundreds of millions of dollars in short positions. According to Coinglass, these totaled around $125 million for Jan. 14 alone, with the period from Jan. 11 onward bringing nearly $300 million of short liquidations. The gains pushed the total market capitalization of the cryptocurrency market over the $1 trillion mark for the first time since November, according to data from CoinGecko.
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