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Bitcoin Has Surpassed $55,000, Reaching Its Highest Level Since May Of This Year

Bitcoin’s price has risen above $55,000, reaching its highest level since May of this year.

 

Bitcoin’s price increased to as much as $55,555 on Binance in a big green candle, reaching a level not seen since May of this year. Bitcoin has risen by a stunning 10% in the last 24 hours, with the majority of the gains occurring in the last 60 minutes.

As shown in the above chart, the price achieved an intraday high of $55,555 on Binance’s spot exchange before retreating to approximately $54,000.This was the highest Bitcoin price since May 12th, 2021. It’s also worth noting that Bitcoin’s market dominance is increasing, as altcoins struggle to catch up. BTC’s dominance is about 45 percent at the time of writing, the highest in nearly two months.

 

The last hour witnessed a total of $162 million in liquidations, with 89 percent of those being short positions, as expected.This means that in the last 60 minutes, $145 million in shorts have been liquidated, the vast majority of which came from Huobi.Huobi has the greatest single liquidation order, with a face value of $11 million.