Bitcoin Breaks $80,000 Mark, Crypto Market Celebrates, Liquidations Follow
Bitcoin Breaks $80,000 Mark, Crypto Market Celebrates, Liquidations FollowOn November 10, the cryptocurrency market was once again swept up in a wave of euphoria as Bitcoin price surged past the $80,000 mark, setting a new all-time high. Ethereum and Dogecoin followed suit, both exceeding their yearly highs, showcasing strong upward momentum
Bitcoin Breaks $80,000 Mark, Crypto Market Celebrates, Liquidations Follow
On November 10, the cryptocurrency market was once again swept up in a wave of euphoria as Bitcoin price surged past the $80,000 mark, setting a new all-time high. Ethereum and Dogecoin followed suit, both exceeding their yearly highs, showcasing strong upward momentum. However, this surge was accompanied by a flurry of liquidations, with over 130,000 investors liquidated in the past 24 hours, totaling $384 million in losses.
According to Coinglass market data, Bitcoin peaked at $80,178, marking the first time ever that it breached the $80,000 threshold. Ethereum climbed above $3,200, reaching its highest point since August, and Dogecoin reached $0.23294, its highest in 2022.
The recent surge in cryptocurrency prices has resulted in significant losses for some short-selling investors. Coinglass data reveals that over the past 24 hours, 131,771 individuals were liquidated, incurring a total of $384 million in losses. The largest single liquidation occurred on the Binance-BTCUSDT trading pair, amounting to $13.10 million.
The recent surge in the cryptocurrency market is partly attributed to the statements made by former US President Donald Trump. During his campaigning, Trump repeatedly expressed his fondness for Bitcoin and the cryptocurrency space, highlighting their innovative spirit and autonomy as aligning with American core values. He pledged to support cryptocurrencies through policy, aiming for US dominance in the global Bitcoin and blockchain technology landscape. Following the announcement of Trump's victory, Bitcoin price embarked on a rapid upward trajectory.
Over the past five natural days, Bitcoin has gained over 10%, while its two-month gain stands at approximately 40%. For the year, Bitcoin has risen nearly 80%. Bernstein Research, in its latest report, predicts that Bitcoin could reach a staggering $200,000 by the end of 2025.
The cryptocurrency market has always been known for its volatility, and the recent surge comes with its fair share of risks. Investors need to prudently assess their risk tolerance, engage in the market rationally, and avoid blind following of trends.
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