Bitcoin Surges Past Eight-Month High as Altcoins Follow Suit

Bitcoin's price surge has reached an eight-month high, climbing above $85,000 for the first time since January 30th. The cryptocurrency's gains over the past week have reached 9.1%, and its gains over the past month are approaching 30%. This upward trend continues despite last week's negative developments regarding the Clarity Act and the Federal Reserve.

The rapid price increase has led to a large-scale liquidation of short positions in the cryptocurrency market, with approximately $400 million worth of leveraged trades being liquidated in the last few hours. A large portion of this consisted of short liquidations, while the total liquidation amount in the last 24 hours reached $750 million.

Ethereum surged 6% in the last 24 hours, surpassing $2,730 for the first time since January. Other altcoins such as XRP gained 6.6%, Solana 7%, and HyperLiquid (HYPE) approximately 4%. The altcoins that gained the most value in the last 24 hours are Sui (22.3%), Venice Token (VVV, 22%), Sei (SEI, 20%), Near Protocol (NEAR, 19.9%), Render (RENDER, 17.9%) and Avalanche (AVAX, 13.9%).