The current global crypto market cap is $2.74 trillion, with a 0.76% increase in the past 24 hours. Bitcoin, the largest digital currency by market capitalization, reached an all-time intraday high of $88,821.47, after briefly busting through $87,000 just a day earlier.

Investors are breathing a sigh of relief with this breakout, particularly after weeks of frustrating sideways price action. This boom comes despite slumps in more traditional markets.

Bitcoin’s Open Interest increased by 3.06% over the past 24 hours, which translates to a rise of $3.52 billion. Trading volumes have exploded, skyrocketing 98% to $38.64 billion.

Almost 59% of Binance traders with open Bitcoin positions are shorting it, betting on the price going down. That implies a very bullish upside right now should those short positions be squeezed. Bitcoin’s dominance is now at 63.7%, marking a persistent rotation of capital from altcoins to the number one digital asset.

This rally in Bitcoin’s price is happening while most of the traditional markets are suffering some of their biggest losses during these tumultuous weeks. Market performance The Dow Jones Industrial Average was down 971.82 points, or 2.48%, closing at 38,170.41. Likewise, the S&P 500 shed 2.36% to finish at 5,158.20, and the Nasdaq Composite ended down 2.55% at 15,870.90.

"And when a technical downtrend is broken… technical uptrends emerge" - Rekt Capital

Some analysts make the case that Bitcoin’s recent performance may be the start of an uptrend.

"The trader’s realized price acts as support when market conditions are bullish (green area, bull score >= 60), and as resistance when market conditions are bearish (red area, bull score <= 40)" - Julio Moreno