The Bitcoin (BTC) rally is not losing momentum as BTC has set a new all-time high (ATH) for the second time in the last few days. After breaching the infamous $69,000 mark and the much-anticipated $70,000 mark, the Bitcoin price has now surged above the $71,000 level.
According to the latest data, Bitcoin is currently trading at $71,622, a gain of 2.94% in the last 24 hours. Notably, the price of [ccpw id=60415] is up 48.53% in the last 30 days and a whopping 254.76% over the last year, showing the notable gains the leading cryptocurrency has secured during this time.Â
Investor Interest Surges in Bitcoin
In addition, the 24-hour trading volume of BTC is up 81.01%, currently at $46,840,831,470. This shows the increasing investor interest in the digital currency. Notably, this high trading activity is a direct result of surging demand from both retail and institutional investors.
As Bitcoin price creates new records, data from Coinglass indicates that there were $110.03 in liquidations for BTC in the last 24 hours. Notably, $53.07 million of these were in long liquidations and $56.96 million in short liquidations.
The Coinglass data also reveals that Open Interest (OI) in Bitcoin is surging. During the last 24 hours, Bitcoin witnessed a 4.67% increase in the Open Interest, currently standing at $34.99 billion. It should be noted that about $5.66 billion of it comes from Binance, $4.12 billion from Bybit, $2.10 billion from Bitget, and the rest from other crypto exchanges.
The current Bitcoin price analysis suggests that this rally is not going to lose momentum any time soon. With the Bitcoin halving event on the horizon, we can anticipate more gains for BTC in the coming days. Overall, 2024 is going to be an amazing year for Bitcoin and the overall market. However, please note that it is not investment advice.
