Bitcoin Surges Above $86,000 as Four Majors Hit Three-Month Highs
Bitcoin has broken above $86,000 for the first time since late January and reached an intraday high of $86,602. This move is not unique to Bitcoin as four out of five major cryptocurrencies are trading at levels higher than they have seen in the past three months.
XRP is the exception, failing to reach new highs despite the rally. Roughly $905 million to $995 million of leveraged positions were liquidated across crypto in 24 hours, with shorts accounting for 86% to 90% of them.
The gains from this rally are distributed rather than concentrated, and Bitcoin is leading the charge. The second tier has also done well, with Ethereum reaching a three-month high of $2,759 to $2,777. Other cryptocurrencies such as Solana and BNB have also seen significant gains.
However, XRP remains the odd one out, still below its August peak. Until it clears this hurdle, it will not be able to rejoin the breadth story.