Bitcoin has surged to a new all-time high (ATH) as the cryptocurrency market experienced a wave of bullish sentiment following the U.S. presidential election victory of GOP candidate Donald Trump. Over the past week, Bitcoin has gained 18%, with a 3% increase in the last 24 hours, hitting a record price of $81,858 before slightly correcting to around $81,000.
The price surge has propelled Bitcoin’s market capitalization past the $1.6 trillion mark. The cryptocurrency’s daily trading volume has also doubled, reaching $92 billion, while its market dominance stands at 55.4%.
Bitcoin’s rise has seen it surpass Meta’s market value of $1.48 trillion, making it the ninth-largest asset globally. As Bitcoin continues its rally, investor confidence is growing, pushing the broader cryptocurrency market closer to its peak levels of 2021. According to CoinGecko, the global crypto market cap has increased by 3% in the last 24 hours, surpassing $2.9 trillion—levels not seen since mid-November 2021.
This surge in the crypto market is accompanied by a significant jump in trading activity. Data from CoinGecko shows a dramatic 80% increase in total crypto trading volume, now sitting at $306 billion, indicating heightened investor interest.
The catalyst for this market surge can be attributed to Trump’s election win, with many in the crypto community hailing him as the “first pro-crypto U.S. president.” This event has sparked a sense of FOMO (fear of missing out) among digital asset investors, leading to a bullish market environment.
Bitcoin’s recent rally has also seen it break its previous all-time high of $73,000 from March, triggering an uptick in short liquidations. According to Coinglass, the crypto market has seen $630 billion in liquidations over the past 24 hours, with Bitcoin alone accounting for $121 million. Historically, short liquidations tend to create upward momentum, and the market is expected to experience heightened volatility as prices continue to rise.
Additionally, large Bitcoin holders, or “whales,” have been actively accumulating Bitcoin. Data from IntoTheBlock shows that whales added nearly 32,000 BTC on November 10, reflecting their confidence in the asset’s upward trajectory since Election Day, November 6.
The combination of rising prices, increased whale accumulation, and market volatility suggests that Bitcoin’s bull run is far from over, though investors should brace for potential corrections as the market stabilizes.
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