After flirting with $55,000 for much of the day, the price of Bitcoin didn’t hesitate to leap comfortably above $56,000 late Monday—$56,700 as of writing—reaching heady altitude despite $157 million in Bitcoin shorts being liquidated over the last 24 hours, according to CoinGlass.

The milestone comes only hours after BTC surged over $53,000, already seeing heights not seen since 2021.

It was October 2021 when crypto watchers were similarly breathless, watching Bitcoin rise above $57,000—again, as that figure represented its all-time high at the start of that year—as it continued a two-week rally. It eventually $69,000 in November.

Today was a good day for Ethereum as well, with the price of ETH peaking at $3,273 about an hour prior to Bitcoin’s breakout. It’s a number last seen in April 2022 when its value was on the way down from its all-time high of $4,878 in Nov 2021.

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Author: Ryan Kawailani Ozawa

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