Bitcoin Pokes $48K as The Crypto Market Cap is Up by $170B in a Day

It seems the positive news coming from the US continues to impact the cryptocurrency market as BTC spiked once more – this time above $47,000. With most alternative coins following alone, the liquidations have risen to roughly $400 million on a daily scale.

• The primary cryptocurrency had dipped all the way down beneath $41,000 for the third time in less than a week yesterday. However, it bounced off and increased to around $43,000 rather rapidly.
• BTC stood there for a while, but the situation changed once more following a meeting in the US in which Fed Chair Jerome Powell reassured that the country has no plans to institute a ban on cryptocurrencies.
• This had an immediate effect on the markets as BTC jumped by $2,000 to a weekly high of around $45,000.
• However, this wasn’t the end of the asset’s daily gains as it initiated another impressive leg up in the following hours. This time, it went to $47,800 (on Bitstamp) – the highest price tag since September 20th.
• But, it’s not just bitcoin. The rest of the altcoins have followed suits with massive double-digit gains.
• Such are evident from Binance Coin, Solana, Polkadot, Uniswap, Chainlink, and more. Ethereum has recovered over $300 since yesterday’s low and currently sits above $3,200.
• The entire market capitalization has risen above $2.050 trillion after a $170 billion increase in a day.
• Additionally, the liquidations are now more than $400 million, with the largest order being a short position on Bitmex worth $10 million.

Cryptocurrency Market Overview. Source: Quantify Crypto