bullish

Donald Trump

Bitcoin

Bitcoin has been hitting new all-time highs over the past week as the crypto market recorded strong bullish sentiment after GOP candidate Donald Trump won the U.S. presidential elections. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) gained 18% over the past week and is up 3% in the past 24 hours. The leading cryptocurrency reached an ATH of $81,858 earlier today — currently trading at $81,000 following a mild correction. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/11/BTCUSDT_2024-11-11_09-57-59.png" alt="Bitcoin hits new ATH surpassing $1.6T market cap - 25" class="wp-image-14309489">
 <figcaption class="wp-element-caption">
 BTC price | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
Thanks to the consistent gains, the BTC market cap surpassed the $1.6 trillion mark. Its daily trading volume also doubled, reaching $92 billion. Bitcoin’s market dominance is hovering at 55.4% at the time of writing. 
The so-called digital gold <a href="https://companiesmarketcap.com/assets-by-market-cap/" target="_blank" rel="nofollow">became</a> the ninth-largest asset as it overtook Meta’s $1.48 trillion market value. 
Bitcoin’s rally triggered bullish sentiment among digital asset investors, pushing the broader market close to the 2021 highs. According to <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">data</a> provided by CoinGecko, the global crypto market cap increased by 3% over the last day and is sitting above the $2.9 trillion mark. 
This level hasn’t been seen since mid-November 2021. 
Data from CoinGecko shows that the total crypto trading volume grew by 80% and is currently hovering at $306 billion. This shows increased interest from market participants. 
 You might also like: <a rel="" href="https://crypto.news/goatseus-maximus-approaches-1b-market-cap-as-goat-pumps-20/"> Goatseus Maximus approaches $1b market cap as GOAT pumps 20% </a> 
<h2 class="wp-block-heading" id="why-is-bitcoin-rising">Why is Bitcoin rising?</h2> 
The Bitcoin and market-wide rally <a href="https://crypto.news/bitcoin-at-77k-48hrs-after-us-elections/" target="_blank">started</a> after Trump overtook Vice President Kamala Harris in the U.S. presidential elections as the community called him the “first pro-crypto U.S. president.” 
Trump’s win <a href="https://crypto.news/meme-coins-explode-as-trump-wins-bitcoin-election/" target="_blank">acted as a major catalyst</a> for the crypto market, triggering the fear of missing out, also called FOMO, among digital currency investors. 
With Bitcoin breaking its March <a href="https://crypto.news/bitcoin-hits-new-all-time-high-how-long-until-300000/" target="_blank">ATH</a> of $73,000, short liquidations started to increase. According to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="nofollow">data</a> from Coinglass, the total crypto liquidations reached $630 billion in the past 24 hours.&nbsp; 
Bitcoin, alone, saw $121 million in liquidations — $38 million longs and $83 million short — per Coinglass data. Historically, short liquidations initiate upward momentum and investors would usually expect high volatility. 
The increased trading volume also adds to the market-wide volatility as the prices have been rising along with the election trend. Consequently, a potential correction would be expected. 
According to data from IntoTheBlock, whales accumulated almost 32,000 BTC on Nov. 10. As the chart shows, the large holder activity has been moving in the same direction as the BTC price since Nov. 6, the election day. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/11/ITB_btc_large_holders_netflow_bitcoin_2024-11-11T04_51_34.108Z.png" alt="Bitcoin hits new ATH surpassing $1.6T market cap - 26" class="wp-image-14309490">
 <figcaption class="wp-element-caption">
 BTC large holder net flow | Source: <a href="https://app.intotheblock.com/coin/BTC/quick-view" target="_blank" rel="nofollow">IntoTheBlock</a>
 </figcaption>
</figure> 
The sudden surge in Bitcoin’s whale accumulation also suggests FOMO among market participants. 
 Read more: <a rel="" href="https://crypto.news/eth-shib-sui-top-cryptocurrencies-to-watch-this-week/"> ETH, SHIB, SUI: Top cryptocurrencies to watch this week </a>

Bitcoin hits new ATH surpassing $1.6T market cap

Table of Contents

crypto.news

Other articles published on Nov 11, 2024

Bitcoin Hits Record High Above $81,700 After Trump’s Victory

Growing SHIB Buy Wall Points to Surge Ahead—Plus, This All-Sports Meme Token Unites the Crypto De...

Ethereum Foundation (EF) Releases 2024 Annual Report: A Look at its Financial Growth

Solana Out of Reach? Try This New Altcoin at $0.0005 for Potential Gains in the Bull Market!

Elizzarda's investment platform has attracted more than 1,000 investors

Delta Prime Suffers Millions in Tokens in Second Major Exploit

Join our free newsletter for daily crypto updates!