Bitget Futures Market Updates-Bitcoin Hits $52K, Regains $1T Market Cap

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Bitget2024/02/19 05:22

By:Bitget

On February 14, Bitcoin surged to $52,000, reclaiming a $1 trillion market capitalization for the first time in 26 months.

The largest and oldest cryptocurrency ignored a drop below $50,000 the day before, as hotter-than-expected U.S. inflation data came out and allowed it to experience a major price increase during trading hours in Europe. CoinDesk's Bitcoin Price Index data indicates that Bitcoin has closed above $50,000 only 145 times in its history, and this was one of them.

This rally propelled Bitcoin's market value back above $1 trillion, marking its return to this milestone since December 2021. Bitcoin's 4.7% gain over 24 hours mirrored the broader market's advance reflected in the CoinDesk20 Index. Altcoins like Cardano's ADA and Dogecoin (DOGE) surged 6%, while Ether (ETH) climbed over 5% to reach $2,750, its highest level since May 2022. Market sentiment remains bullish, with options traders speculating that Bitcoin could reach $75,000 in the near future, and some targeting the $64,000 mark as demand for spot Bitcoin ETF products increases.

Futures Market Updates

Bitcoin futures saw a drop in trading volume, whereas Ether futures experienced an increase. ETH surpassed BTC in both liquidation amounts and funding rates, although both markets maintained a balanced long/short ratio. Short liquidations were higher than long liquidations for both BTC and ETH.

Bitcoin Futures Updates

Total BTC Open Interest: $23.80B (+0.65%)

BTC Volume (24H): $32.36B (-26.25%)

BTC Liquidations (24H): $3.65M (Long)/$17.66M (Short)

Long/Short Ratio: 50.86%/49.14%

Funding Rate: 0.0173%

Ether Futures Updates

Total ETH Open Interest: $10.33B (+5.01%)

ETH Volume (24H): $20.10B (+22.97%)

ETH Liquidations (24H): $4.62M (Long)/$18.20M (Short)

Long/Short Ratio: 50.56%/49.44%

Funding Rate: 0.0189%

Top 3 OI Surges

IOTX: $23.82M (+164.14%)

GAL: $32.27M (+89.20%)

WSM: $537.58K (+64.28%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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