Bitcoin hits new All-Time Highs surpassing $1.6T market cap

Bitcoin has reached new all-time highs in the last week as the crypto market experienced strong optimistic mood following the victory of Republican candidate Donald Trump in the US presidential election.

Bitcoin BTC 2.25% Bitcoin gained 18% in the last week and is up 3% in the last 24 hours. The top cryptocurrency reached an all-time high of $81,858 earlier today and is now trading over $81,000 after a minor pullback. The Bitcoin market cap has topped $1.6 trillion as a result of sustained rises. Its daily trading volume has also doubled, to $92 billion. Bitcoin’s market dominance is currently 55.4%.

The so-called digital gold surpassed Meta’s market value of $1.48 trillion, becoming the ninth-largest asset. Bitcoin’s gain sparked positive optimism among digital asset investors, bringing the broader market closer to its 2021 highs. According to CoinGecko data, the worldwide crypto market capitalization climbed by 3% during the last day, surpassing $2.9 trillion.

This level has not been seen since the middle of November 2021. Coin Gecko data shows that total crypto trade volume increased by 80% and is now hovering around $306 billion. This demonstrates greater interest among market participants.

Why is Bitcoin rising?

The Bitcoin and market-wide rise began when Trump defeated Vice President Kamala Harris in the United States presidential elections, with the community hailing him as the “first pro-crypto U.S. president.”

Trump’s victory functioned as a huge stimulant for the cryptocurrency market, instilling fear of missing out, or FOMO, among digital currency investors.

With Bitcoin breaking its March high of $73,000, short liquidations began to rise. According to Coin glass data, total cryptocurrency liquidations have topped $630 billion in the last 24 hours.

According to Coin glass data, Bitcoin alone experienced $121 million in liquidations, including $38 million longs and $83 million shorts. Short liquidations have historically generated upward momentum, and investors can expect extreme volatility.

The increasing trading volume contributes to market-wide volatility, as prices have risen in tandem with the election trend. As a result, a potential correction is likely.

According to data from IntoTheBlock, whales accumulated about 32,000 BTC on November 10. As the data illustrates, significant holder activity has been trending in the same direction as the BTC price since November 6, the election day.The quick increase in Bitcoin whale accumulation indicates FOMO among market participants.

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