Bitcoin Explodes to Almost $80K, With Over 130,000 Traders Liquidated Daily
Bitcoin approaches $80K with a 16% weekly surge, liquidating over 130,000 traders as altcoins also see significant gains.
Bitcoin's price has surged dramatically, nearing an all-time high of nearly $80,000, reflecting a 16% increase over the past week. This explosive movement has resulted in significant liquidations, with over 130,000 traders, primarily those holding short positions, facing losses in the last 24 hours.
Recent Price Movements
Just a week ago, Bitcoin struggled to maintain the $70,000 level, even dipping below $67,000. However, following the announcement of the U.S. presidential election results early Wednesday, Bitcoin broke past the $70,000 mark, surpassed its previous all-time high of $73,737 from March, and has continued its upward trajectory.
The cryptocurrency reached over $75,000 on Wednesday, climbed to $77,000 on Friday, and after a brief period of stability on Saturday, it skyrocketed to $79,900 on Bitstamp.
Altcoin Performance
Despite a slight retracement, Bitcoin remains above $79,000 and has gained over 15% in the past week. Many altcoins have also shown impressive gains, with notable increases such as ADA at 32%, CRO at 25%, SUI at 24%, and NEIRO at 23%.
Liquidation Impact
The surge in Bitcoin's price has led to significant losses for over-leveraged short traders, with more than 130,000 market participants liquidated in the past 24 hours. The total value of liquidated positions is estimated to be close to $400 million, with the largest single liquidation occurring on Binance, exceeding $13 million.
What's Your Reaction?
