The cryptocurrency market has surged to new heights, with Bitcoin reaching an all-time high of nearly $80,000. This represents a 16% increase over the past week.
The rapid rise has caught many traders off guard, particularly those who had bet against Bitcoin’s continued ascent. Over 130,000 over-leveraged traders have been liquidated in the past 24 hours, with losses totaling nearly $400 million.
Just a week ago, Bitcoin was struggling to maintain the $70,000 level. However, as the US presidential election results began to emerge, the cryptocurrency surged past its previous all-time high of $73,737.
The momentum has continued, with Bitcoin climbing to over $75,000 on Wednesday, $77,000 on Friday, and $79,900 on Sunday. While the price has pulled back slightly, it remains above $79,000.
Many altcoins have also experienced significant gains, including ADA (32%), CRO (25%), SUI (24%), and NEIRO (23%).
The rapid price movements have highlighted the risks of over-leveraged trading. As the cryptocurrency market continues to evolve, it is important for investors to manage their risk and avoid excessive speculation.