Bitcoin price briefly breaks $42,000, back to pre-Terra crash level

Bitcoin BTC +5.17% 's price has increased by over 6% in the past 24 hours, back to levels last seen before the Terra crash of May 2022.

The largest digital asset by market cap rose as high as $42,100 today, according to The Block's Bitcoin Price Page . It is currently changing hands at $41,600, having seen a sudden drop since breaking the milestone.

This is a full retrace to BTC's level above the $41,000 mark in early May 2022. It also sees the digital asset post a value increase of over 150% since the beginning of the year.

The global cryptocurrency market cap currently stands at $1.62 trillion, an increase of 4.0% in the past 24 hours. The last time the combined cryptocurrency market cap reached this level was in late April 2022.

Trading volumes increase

November's cryptocurrency exchange trading volume came in at over $826 billion, according to The Block's Data Dashboard. This is the highest monthly volume since March of this year.

Since the beginning of the month, onchain data shows bitcoin daily trading volume has increased from over $30 billion on December 1, to a current value of $32 billion. BTC trading volume is now at a yearly high and at its highest level since November 2022.

Short positions liquidated

According to data from Coinglass, in the past 24 hours, 75,887 traders were liquidated, with total liquidations at over $216 million. The vast majority of these liquidations were short positions. In the past day, $166 million shorts were wiped out, compared to just over $50 million in long positions.

Coinglass data shows over $86 million leveraged bitcoin positions were liquidated in the past 24 hours. Over $76 million of these were shorts, and only around $10 million were long positions.

Other blue-chip cryptocurrencies marked smaller gains on Monday. Ether rose by over 4% to hold its position above the $2,250 mark. BNB posted a muted uptick of over 2%, to a current price of $234. Solana traded flat over the past 24 hours hovering around the $63.50 mark.