Bitcoin Price Soared Above $55K, Highest Since May 2021

In a massive green candle, Bitcoin’s price managed to increase to as much as $55,555 on Binance, reaching a price that we haven’t seen since May this year.

• Bitcoin is up by a whopping 10% in the past 24 hours, and a lot of it came in the past 60 minutes.

Chart by Binance

• As seen in the above chart, the price reached an intraday high of $55,555 on Binance’s spot exchange before retracing to where it’s currently trading at around $54,000.
• This was the highest BTC price that we saw since May 12th, 2021.
• It’s also worth noting that Bitcoin’s market dominance is also on the rise, as altcoins fail to keep up with the pace. At the time of this writing, BTC’s dominance sits at almost 45% – the highest in almost two months.
• The last hour saw a total of $162 million worth of liquidations, 89% of which were short positions, as could be expected.
• This means that in the past 60 minutes alone, $145 million worth of shorts were liquidated, the majority of which came from Huobi.
• The largest single liquidation order happened on Huobi, and it had a face value of $11 million.