Bitcoin (BTC) and tokens related to it continue to post new yearly highs.
Bitcoin (BTC) tapped a new yearly high at $43,700 on Tuesday as the crypto market posted a new waterfall of short liquidations.
Meanwhile, Ordinals-themed memecoin ORDI continued to skyrocket, climbing another 53% on the day to $63.26.
The climb takes BTC up 15% over the past week, and has pushed its market dominance up to 54.8%, according to TradingView
By contrast, Ethereum (ETH) has risen 1% on the day to $2,250 and sits at 17.5% dominance.
The ongoing pump comes amidst rising excitement over a U.S. Bitcoin spot ETF, which analysts believe will likely be approved next month.
It also follows a revival in on-chain Bitcoin activity last month due to Ordinals – a protocol for issuing NFTs and tokens on the Bitcoin blockchain.
Though it has no real utility, ORDI remains the premier memecoin launched on Bitcoin thus far, now boasting a market cap of $1.3 billion.
Another Bitcoin-based layer-2 blockchain token, Stacks (STX), has risen 65% this week to over $1.16 each.
On-chain analysts at Bitfinex have suggested that the recent BTC rally may be overblown, and could be due for a pullback soon.
Nevertheless, traders attempting to short the pump are continuing to get cleared. According to CoinGlass, over 80,000 crypto traders have been liquidated for $233 million in the past 24 hours, including $155 million worth of longs.
Andrew is content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
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