While the crypto-verse was busy giving meme coins all the attention, Bitcoin [BTC], took a major leap. Once again, BTC found its way below the spotlight. Despite being miles away from its all-time high of $68,789.63 that it attained 5 months ago, the latest jump was a major upside. During press time, BTC was trading for $47,470.34 and was up by 6.54 percent. Over the last couple of days, the asset recorded a 14.64 percent raise.
Online analytics firm, Santiment revealed the reason for this possible jump. The platform noted that both Bitcoin, as well as altcoin shorts on exchanges, surged over the last couple of days. As a result, BTC along with altcoins took a major leap.
Despite this surge, Bitcoin was still down by nearly 31 percent.
The market cap of the world’s largest cryptocurrency took a drastic fall from $1 trillion. The entire globe was awe-struck following BTC’s journey from nothing to a trillion-dollar industry. Now, Bitcoin’s market cap was finally garnering momentum as it surged to $897 billion. While $1 trillion isn’t too far if the crypto market persisted in the current sentiment this could be achieved.
Bitcoin’s supply in profit soars
The latest surge had a direct influence on the supply in profit of Bitcoin. The current supply in profit soared to 81.807 percent.
Ethereum [ETH] also witnessed a significant increase. At press time, ETH was trading for $3,341 with a 6.40 percent rise in the past 24-hours. ETH’s percent supply in profit was greater than that of Bitcoin at 86.432 percent. As per Glassnode, the percentage acquired was the highest profit level achieved all year.
Additionally, all of these signs led to an array of speculations. While some of them suggested that Bitcoin could reach $50k, a few others were prepping for a fall. Nevertheless, the commotion around the latest surge could further push the asset to another level.