Bitcoin (BTC) has once again made headlines, marking a new all-time high (ATH) and setting a fresh milestone for the cryptocurrency market. The leading cryptocurrency saw an impressive 18% surge in the past week and a 3% rise in the last 24 hours, peaking at $81,858 before experiencing a slight dip to around $81,000. This momentum pushed Bitcoin’s market cap past the $1.6 trillion threshold, reinforcing its position as one of the most popular cryptocurrencies and placing it as the ninth-largest asset globally, even surpassing Meta’s $1.48 trillion valuation.
Bitcoin’s gains are part of a broader rally in the cryptocurrency market, sparking renewed bullish sentiment among investors. The global crypto market cap has grown by 3% in the past 24 hours, reaching over $2.9 trillion, a level unseen since late 2021. This rise has brought substantial attention back to cryptocurrencies, as daily trading volumes have surged by 80%, now hovering around $306 billion.
The latest crypto news shows that Bitcoin’s dominance is now at 55.4%, as more market participants flock to the cryptocurrency. As of today, cryptocurrency prices across the board have also seen growth, with Bitcoin setting the pace and other leading cryptocurrencies benefiting from the renewed interest.
Read More: Understanding Bitcoin Dominance and Its Impact on the Crypto Market
Bitcoin’s price surge followed unexpected news from the U.S. presidential elections, with Donald Trump’s victory over Vice President Kamala Harris. Dubbed by the community as the “first pro-crypto U.S. president,” Trump’s win appears to have spurred a sense of urgency among crypto investors. Many view his administration as likely to foster favourable conditions for the crypto market, leading to a wave of FOMO (fear of missing out) as investors rush to buy.
With Bitcoin surpassing its March high of $73,000, liquidations of short positions have climbed, pushing prices upward. Coinglass data reveals that cryptocurrency liquidations hit $630 billion in the past day, with Bitcoin alone responsible for $121 million, split into $38 million in long positions and $83 million in short positions. Typically, short liquidations can create upward price momentum as traders are forced to buy back positions, fueling demand.
Read More: The Impact of U.S. Political Events on Cryptocurrency Prices
This heightened trading activity in the cryptocurrency market has also led to significant volatility. As cryptocurrency prices chart new highs, the potential for corrections remains, yet investors seem unfazed. According to IntoTheBlock, large BTC holders (or “whales”) accumulated an impressive 32,000 BTC on November 10 alone, signalling ongoing confidence in Bitcoin’s trajectory. Since the election day, November 6, this large-scale buying trend aligns with the upward price movement.
Bitcoin’s recent performance and the cryptocurrency value it has achieved continue to drive up the broader crypto market. The crypto market chart reveals that many cryptocurrencies to watch are also benefiting from Bitcoin’s rally, with digital assets and altcoins climbing as investors increase their stakes across the board. This latest development has pushed many to consider Bitcoin and other crypto coins to watch as some of the most popular cryptocurrencies of today.
As the cryptocurrency market continues to thrive, market watchers and enthusiasts should prepare for more updates and potential corrections, as high trading volumes often lead to increased volatility. For those keeping an eye on cryptocurrency market news, Bitcoin remains a focal point, and many wonder how long it will sustain this upward trend.
In summary, the most popular cryptocurrencies, especially Bitcoin, are once again dominating cryptocurrency market news today. With Bitcoin’s market cap setting new records and breaking crypto news reflecting bullish sentiment, the cryptocurrency landscape is heating up. Stay tuned for more updates on cryptocurrency prices by market cap and check the latest crypto news to stay informed about how this evolving market might impact the top 10 cryptocurrencies by market cap.
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