Bitcoin broke past the $60,000 mark on Wednesday, a high not seen since November 2021.

The world's largest cryptocurrency by market capitalization increased by over 6% in the past 24 hours, hitting $60,000 at 4.17 a.m. ET, according to The Block's Price Page. Meanwhile, the GM 30 Index, representing a selection of the top 30 cryptocurrencies, has increased by 2.8% to 125.37 in the past 24 hours.

The price action caused the liquidation of over $100 million in bitcoin positions — with almost $72 million being shorts, according to Coinglass data. Bitcoin's value has appreciated by over 42% since the beginning of February, with the foremost cryptocurrency's dominance now standing at 50.3%, compared to 17.2% for ether.

BlackRock's IBIT records largest daily inflow

According to BitMex …