Crypto had a massive day in trading today

A wild bull ploughed through the crypto markets today. Total transaction value exceeded $100 billion, and there were some big rallies, with Bitcoin leading the charge.

Bitcoin’s price topped US$47,000, in a rally that, across the market, was fuelled by the liquidation of many millions worth of short positions. Thanks to this rally, the market is swinging well upwards currently, and the total market value now exceeds $2.12 trillion. This has led Bloomberg analysts to argue that Bitcoin, and other digital assets, are currently overbought, in comparison to the 50-day Moving Average.

In the longer term, there has been an increase of 4.75 per cent, month-on-month, in total trading volume. To date, 2022 has been a tough year for crypto investors, with cryptocurrencies like Bitcoin well below the highs they enjoyed in 2021. On November 8 of last year, for example, Bitcoin was at its historical high of US$67,582. It started to decline soon after, and subsequently experienced a number of crashes so far this year.

Today’s gains mean that Bitcoin has finished the day in excess of US$47,000 for the first time since January 2 of this year.