Bitcoin, the primary crypto asset has surged to a new all-time high of $81,000 with its market capitalization surpassing $1.6 trillion.
The flagship crypto asset has surged by 17.6% in the past week and is exchanging hands for $80,891 following a slight correction.
Bitcoin has maintained an upward swing since Donald Trump’s victory in the polls, smashing its all-time high of several months.
It continues to create new all-time highs as the days go by.
The upward swing in the price level of Bitcoin has resulted in its market capitalization surpassing $1.6 trillion. The crypto asset’s daily trading volume also doubled hitting $92 billion with its market dominance over all altcoins reaching 55.4%.
Bitcoin’s market capitalization following its recent surge now surpasses that of Mark Zuckerberg’s Meta at $1.48 trillion making it the 9th largest asset in the world.
Bitcoin’s bullish rally has increased the risk appetite of institutional investors resulting in more investment into the crypto market.
The Total market capitalization of the entire crypto market surged by 3% in the last 24 hours and is currently sitting above the $2.9 trillion mark.
The crypto market has not touched this level since November 2021. Coingecko data revealed that the Total crypto trading volume grew by 80% and is currently in the $306 billion range.
These numbers reveal increased interest and high appetite from market participants and institutional investors.
Bitcoin’s Surge in Price Explained
Early last month, Bitcoin was hovering around the $60,000 price level region. The case today is changed with the primary asset adding over $20,000 to its price in the first week of November.
- The most significant event that resulted in those Bull runs was the United States Presidential elections which saw Donald Trump emerge as the 47th President of the United States.
- Donald Trump who made his position on Bitcoin and cryptocurrency as a whole clear during his campaign is seen as a Pro crypto candidate who will right the wrongs of the Biden administration on the crypto industry.
- According to data from IntotheBlock, Crypto whales have stepped up their game as regards acquiring Bitcoin. Crypto whales accumulated almost 32,000 BTC on Nov. 10.
This upswing in BTC acquisitions by Crypto whales has remained constant since November 6, a day after the US elections.
What to Know
- Bitcoin’s price action has led to a lot of liquidations in the market. Data from CoinGlass confirms that Bitcoin alone saw $121 million in liquidations $38 million longs and $83 million short.
- The total liquidation of the entire crypto market reached $630 billion in the last 24 hours per CoinGlass data.
- Crypto liquidation refers to the closing of a trading position by converting a cryptocurrency asset to fiat currency or stablecoins, often executed at levels less favorable than the current market price. This happens when a trader has insufficient funds to keep a leveraged trade open
