Bitcoin (BTC) has strengthened its position against Ethereum (ETH), with the ETH/BTC ratio dropping to a new low of 0.052, a level not seen since June 2022. This comes amid the massive surge of the leading cryptocurrency.
BTC Surpasses $44,000
The recent surge in Bitcoin has not only boosted its position against Ethereum but has also seen it surpass the $44,000 mark on the Bitstamp exchange. This increase has caught many by surprise and has put downward investors at risk. In the past 24 hours, short positions worth $159.61 million have been liquidated.
Short Squeeze Potential
There may be a short squeeze on the horizon, as investors who bet against the price of an asset are forced to buy back into the market to cover their positions with rising prices. This phenomenon could push the price of Bitcoin higher as demand from these covering positions adds to buying pressure.
Bitcoin Dominance Continues to Rise
Ethereum has seen a modest increase of 1.9%, while Bitcoin has jumped by 4.0%. This has pushed Bitcoin’s dominance in the market to an impressive 51.3%. Other digital assets have also performed well over the past 24 hours. This outstanding performance reflects the current market’s confidence in the cryptocurrency king, who is enjoying the limelight due to the buzz surrounding exchange-traded funds.
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