Bitcoin hits new ATH surpassing $1.6T market cap
The post Bitcoin hits new ATH surpassing $1.6T market cap appeared on BitcoinEthereumNews.com.
Bitcoin has been hitting new all-time highs over the past week as the crypto market recorded strong bullish sentiment after GOP candidate Donald Trump won the U.S. presidential elections. Bitcoin (BTC) gained 18% over the past week and is up 3% in the past 24 hours. The leading cryptocurrency reached an ATH of $81,858 earlier today — currently trading at $81,000 following a mild correction. BTC price | Source: crypto.news Thanks to the consistent gains, the BTC market cap surpassed the $1.6 trillion mark. Its daily trading volume also doubled, reaching $92 billion. Bitcoin’s market dominance is hovering at 55.4% at the time of writing. The so-called digital gold became the ninth-largest asset as it overtook Meta’s $1.48 trillion market value. Bitcoin’s rally triggered bullish sentiment among digital asset investors, pushing the broader market close to the 2021 highs. According to data provided by CoinGecko, the global crypto market cap increased by 3% over the last day and is sitting above the $2.9 trillion mark. This level hasn’t been seen since mid-November 2021. Data from CoinGecko shows that the total crypto trading volume grew by 80% and is currently hovering at $306 billion. This shows increased interest from market participants. Why is Bitcoin rising? The Bitcoin and market-wide rally started after Trump overtook Vice President Kamala Harris in the U.S. presidential elections as the community called him the “first pro-crypto U.S. president.” Trump’s win acted as a major catalyst for the crypto market, triggering the fear of missing out, also called FOMO, among digital currency investors. With Bitcoin breaking its March ATH of $73,000, short liquidations started to increase. According to data from Coinglass, the total crypto liquidations reached $630 billion in the past 24 hours. Bitcoin, alone, saw $121 million in liquidations — $38 million longs and $83 million…
Filed under: News - @ November 11, 2024 6:22 am