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02/10 16:41
Bitcoin Climbs Above $97K as Trade Volume Surges
The cryptocurrency rebounded above $97,000 as trading volume surged over 60% after a somewhat slower Superbowl weekend.
Bitcoin Tops $97K After Superbowl Weekend
Bitcoin (BTC) is trading at $97,594.51 at the time of reporting, reflecting a 1.49% increase over the past 24 hours and a 2.69% gain over the past week, according to data from Coin Market Cap. The world’s dominant digital asset saw a 24-hour price range between $94,745.26 and $97,977.40, showing continued resilience amid market fluctuations.
Surge in Trading Volume and Market Cap
Bitcoin’s trading volume skyrocketed 61.23% to $37.65 billion, likely due to a rebound from slower weekend activity. Meanwhile, its market capitalization edged up 1.68% to $1.93 trillion, indicating renewed investor confidence.
Bitcoin Dominance and Futures Market Activity
BTC dominance increased to 60.7%, up 3.96% in the past 24 hours, signaling capital rotation from other cryptocurrencies into bitcoin. In the futures market, BTC open interest rose 3.38% to $60.12 billion, suggesting increased trader engagement and positioning for potential price movements.
Liquidations and Market Sentiment
Data from Coinglass shows that $46.20 million in bitcoin positions were liquidated, with $29.63 million in longs and $16.56 million in shorts over the past 24 hours. The tilt toward long liquidations suggests traders are betting on further price increases, but volatility remains a factor.
With bitcoin dominance rising and futures open interest climbing, traders are closely watching whether BTC will break above $98,000 or face resistance at current levels.
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