Bitcoin (BTC) staged a strong recovery on Friday, breaking above the $41,000 resistance level and reaching a high of $42,411 per coin. The broader cryptocurrency market followed suit, with the total market capitalization climbing 6% in 24 hours to $1.64 trillion, according to CoinMarketCap data. Market sentiment has improved significantly as traders shrugged off recent bearish pressure.
Bitcoin Surges Over 20% This Week, Short Sellers Squeezed
After dropping to a low of $34,500 earlier this week, bitcoin began a sharp rebound driven by a massive short squeeze and the expiration of monthly derivatives contracts on Friday. Data from Bybt.com shows that $284.7 million worth of positions were liquidated over the past 24 hours, with the majority being short positions. At the time of writing, BTC is trading at $41,522, up over 7% in the last day and more than 20% over the past seven days. Bitcoin's market cap now stands at $781 billion, representing 47.66% of the total crypto market.
Ethereum Rises 12% This Week, Polkadot Leads Top 10
Ethereum (ETH), the second-largest cryptocurrency by market cap, also posted gains, rising over 5% in 24 hours to $2,455. Its weekly gain stands at 12%. Among the top ten cryptocurrencies by market cap, Polkadot (DOT) outperformed with a 12% daily increase and a 20% weekly gain. Other major coins such as XRP and Litecoin also saw positive momentum.
Altcoin Winners and Losers: Easyfi Skyrockets 2,854%, Beetle Coin Collapses 83%
The biggest weekly gainer among altcoins was Easyfi (EASY), which surged an incredible 2,854% over seven days. Flexacoin (FXC) rose 706% and Omix (OMX) gained 500%. These extreme moves are often driven by speculative community activity or project announcements. On the losing side, Beetle Coin (BEET) dropped 83%, Chip (CHIP) fell 54%, and Iov Blockchain (IOV) declined 51% — a stark reminder of the high risk in obscure tokens.
Stablecoin Dominance: Tether Accounts for 47% of Global Trade Volume
The total daily trading volume across all cryptocurrency assets reached approximately $84 billion. Stablecoin Tether (USDT) continued to dominate, accounting for 59% of bitcoin trading pairs and 47.36% of global crypto trading volume. Fiat currencies such as USD, BUSD, JPY, and EUR contributed 12.29%, 5.85%, 4.34%, and 3.41%, respectively.
The recent rally has been fueled by short liquidations and option expiration, and analysts are watching to see if bitcoin can sustain above $41,000. If bulls hold this level, the path toward $45,000 and beyond may open. However, market volatility remains elevated, and traders are advised to manage risk carefully.