Bitcoin extends rally to $71.400

Bitcoin keeps climbing sharply on Thursday. After breaking through $66.000 and then $70.000, BTC is now trading around $71.400. In just 24 hours, Bitcoin has risen roughly 11%, while more than $200 billion has been added to the total crypto market.

Bitcoin rally picks up further steam

The Bitcoin price is currently around $71.315, with spikes towards $71.400. Trading volume over the past 24 hours stands at nearly $55 billion.

With approximately 20 million BTC in circulation, Bitcoin’s market capitalisation now exceeds $1.43 trillion.

Bitcoin is not the only beneficiary. The total value of the crypto market has grown by more than $200 billion in 24 hours, and the rally is broadening ever further across the market.

Liquidity gives crypto a fresh boost

According to trader Daan Crypto Trades, the market is reacting strongly to the first signs that looser financial conditions could be on the way. He points to speculation around QE, quantitative easing, and YCC, yield curve control.

Both instruments could make financial conditions more accommodative. For riskier assets such as Bitcoin and other cryptocurrencies, the expectation of more liquidity can already be enough to get investors back into action.

The move follows a strikingly rapid turnaround in market sentiment. Bitcoin is up about 9.2% over seven days and now sits well above the levels it was struggling with earlier this week.

After the breakout above $70.000, attention now turns to how far the momentum can carry Bitcoin. For now, buyers continue to dominate, with BTC moving more than $1.000 higher again within just a few hours.