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Bitcoin reaches new all-time high with $1.6T market cap

Bitcoin reaches new all-time high with $1.6T market cap

GrafaGrafa2024/11/11 14:37
By:Mahathir Bayena

Bitcoin (CRYPTO:BTC) has reached a new all-time high, influenced by recent developments following the U.S. presidential elections where Donald Trump won.

The cryptocurrency's price climbed to $81,858, reflecting an 18% increase over the past week and a 3% rise in the past 24 hours.

Bitcoin’s market capitalization exceeded $1.6 trillion, placing it ahead of Meta’s $1.48 trillion value as the ninth-largest global asset.

According to CoinGecko, Bitcoin's trading volume increased to $92 billion, with its market dominance at 55.4%.

The overall crypto market also saw growth, rising by 3% and pushing the global market cap above $2.9 trillion, a level last observed in November 2021.

Total daily trading activity in the crypto market grew to $306 billion.

The price surge began after Trump’s election victory, which was seen by parts of the crypto community as a positive development for digital asset policies.

This spurred an increase in investor interest, contributing to a wave of buying activity.

The rally led to $630 billion in total crypto liquidations within 24 hours, with Bitcoin alone accounting for $121 million, split between $38 million in long liquidations and $83 million in shorts, as per Coinglass data.

Whale activity has also been noted.

IntoTheBlock data indicated that large holders acquired around 32,000 BTC on November 10, showing increased interest from significant investors since the election day on November 6.

Historically, such accumulation has aligned with price shifts and market volatility.

At the time of reporting, the Bitcoin price was $80,872.02.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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