The biggest cryptocurrency, Bitcoin, has risen to a new all-time high of $81,000, and its market value has surpassed $1.6 trillion.
After a minor dip, the flagship cryptocurrency asset is currently trading for $80,891, having increased 17.6% in the last week. Since Donald Trump won the election and emerged as the elected President of the United States of America, Bitcoin has continued to rise, reaching its highest point in several months.
Every day it sets new records for all-time highs. The market capitalization of Bitcoin has surpassed $1.6 trillion as a result of the price level’s upward surge. The cryptocurrency’s market domination over all cryptocurrencies reached 55.4%, and its daily trading volume doubled to $92 billion.
After a recent surge, Bitcoin’s market capitalization has surpassed that of Mark Zuckerberg’s Meta, reaching $1.48 trillion, making it the ninth largest asset globally. Institutional investors’ risk appetite has grown as a result of Bitcoin’s bullish run, leading to an increase in investment in the cryptocurrency market. Over the past 24 hours, the total market capitalization of the whole cryptocurrency market has increased by 3%, and it is now above $2.9 trillion.
Since November 2021, the cryptocurrency market has not reached this level. According to Coingecko data, the total amount of cryptocurrency trade increased by 80% and is now around $306 billion. These figures demonstrate heightened curiosity and a strong hunger among institutional investors and market players.
The Reasons Behind Bitcoin’s Price Increase
Bitcoin was trading in the $60,000 price range at the beginning of the month. The major asset’s price increased by more than $20,000 during the first week of November, changing the situation as it stands now. The most important event that led to those bull rushes was the US presidential election, in which Trump was elected as the country’s 47th president.
President Trump is viewed as a pro-crypto candidate who will make amends for the Biden administration’s mishandling of the crypto business because he made his stance on Bitcoin and cryptocurrencies in general plain during his campaign.
Crypto whales have stepped up their efforts to acquire Bitcoin, according to data from IntotheBlock available to the BrandSpur digital news platform. On November 10, crypto whales amassed about 32,000 BTC. Crypto whales’ purchases of Bitcoin have been steadily increasing since November 6, the day following the US elections.
The price movement of Bitcoin has caused numerous market liquidations. According to CoinGlass data, there were $121 million in liquidations for Bitcoin alone, with $38 million longs and $83 million shorts.
According to CoinGlass data, the entire cryptocurrency market’s liquidation in the last day was $630 billion. Crypto liquidation, which is frequently carried out at prices lower than the current market price, is the process of ending a trading position by changing a cryptocurrency asset to fiat money or stablecoins.
