Over the weekend, the cryptocurrency market experienced a significant price surge, with Bitcoin (BTC) reaching a new 19-month peak and several other assets also seeing gains. BTC soared to $39,000 on Friday evening, marking the first time it reached this level in over a year and a half. Although the asset retraced slightly, there was a sense among the community that another price increase was imminent.

On Saturday evening, Bitcoin indeed surged by over $1,000 in just minutes, coming close to the $40,000 mark for the first time since May 2022. However, it has since retraced by around $700. Several altcoins, including Chainlink, RUNE, and NEAR, also experienced notable gains but have since retraced as well.

This increased volatility has led to over $100 million in liquidations, primarily affecting traders who had shorted the market. The largest single liquidated order was worth $2 million and took place on OKX. Despite these retracements, the overall market sentiment remains optimistic as the DeFi and BRC 20 sectors continue to show promise.