Bitcoin breaks through $71000, market share approaches 60%, ETH/BTC ratio continues to decline

The price of Bitcoin (BTC) broke through $71000 earlier on Tuesday, reaching a new high since June, with a recent increase of 7% in the past four days. After more than seven months of sideways volatility, Bitcoin seems poised to once again challenge its historic high of around $73700 set in early March of this year.

According to Coinglass data, as Bitcoin continues to rise, the total amount of contract liquidation across the internet in the past 24 hours has reached $242 million, with nearly 73000 people being liquidated, including short positions worth approximately $174 million. The largest single liquidation occurred in the BTCUDT futures contract on the Binance exchange, with a liquidation value of approximately $18 million.

Bitcoin market capitalization accounts for nearly 60%

Bitcoin launched a new wave of upward momentum on October 11th, with an 18% increase over the past 18 days. However, the rise of Bitcoin has not driven the overall rise of cryptocurrencies. As a comparison, the second largest cryptocurrency by market value, Ethereum (ETH), only rose 9% during the same period, which has led to a continuous increase in Bitcoin dominance (the proportion of Bitcoin market value to the total cryptocurrency market value), reaching 59.75% before the deadline, setting a new high since April 2021.

At the beginning of September, Bitcoin fell to around $53000 during its last washout before this rebound, but since then it has been in a rebound trend. If we calculate from the low point on September 6th, Bitcoin has risen by about 35% in the past month.

Ethereum continues to fluctuate between $2200 and $2800, with a trading price of $2600 as of the deadline. The price ratio of ETH to BTC fell below 0.036 yesterday, reaching a new low in April 2021. The ETH/BTC ratio before the deadline is 0.0367.

According to Coinglass data, the Bitcoin Fear and Greed Index had a value of 72 on Tuesday, placing it in the "greed" zone.