• Bitcoin has surged by 8.9 percent over the last 24 hours and is trading at $24,494.
• Short-selling investors are believed to be the main driving force behind this rally.
• Altcoins including Ethereum (ETH) and YGG also saw an interesting rally with gains of up to 11 percent during the day.
Bitcoin Price Surges to $24,494
Bitcoin has shifted into a zone of bullish sentiment as investors‘ confidence keeps soaring high. The asset is trading at $24,494 after breaking a key resistance point to surge by 8.9 percent in the last 24 hours. Investors have had a weekly gain of 8 percent on their portfolio as the asset journey to $30k. The last time BTC hit over $24,500 is August 2022.
Short Selling Investors Behind Rally
Several factors have been linked to the rally but short-selling investors are believed to be the main driving factor. According to a report, traders who bet on price shifts were responsible for $65 million worth of Bitcoin liquidation in the last 24 hours. Interestingly, Bitcoin worth $60 million was found to be in short positions. This surge follows the tepid Consumer Price Index that created less anxiety concerning the future of the US economy and the next monetary policy move of the Feds.
Altcoins Join Bitcoin (BTC) in Mini Rally
Altcoins including YGG, token of play-to-earn gaming guild Yield Guild Games and NEAR token native crypto of smart contracts platform Near Protocol, surged by 11 percent each during the day. The CoinDesk Market Index (CMI) which measures wider digital asset market performance surged by 10 percent with Rich Dad Poor Dad author Robert Kiyosaki predicting a massive market correction before taking off to hit $500k by 2025.
Blur Token Sees Surge In Trading Volume
Blur token recorded a trading volume of over $500 million within 12 hours while its price rose from around 0 cents per token at launch time to 4 cents per token during peak time on February 15th 2021.
Experts Believe Bitcoin Has Bottomed Out
Joey Krug, investor and co-founder at Augur and Eco also believe that Bitcoin bottomed in June last year claiming “markets had bottomed back in June 2020” adding that “there’s probably going to continue to be some chop in markets as inflation doesn’t go as fast as people hoped” concluding that “the second half of 2021 will be bullish for crypto” since “most people who are going sell crypto have already sold.“