Bitcoin hits $81,000, surpassing $1.6 trillion market cap

Bitcoin, the most important crypto asset, has risen to a new all-time high of $81,000 and its market capitalization exceeds $1.6 trillion.

The flagship crypto asset is up 17.6% over the past week and is trading at $80,891 after a slight correction.

Since Donald Trump’s election victory, Bitcoin has continued its upward trend and surpassed its multi-month all-time high.

New all-time highs continue to be reached as the days progress.

The upward trend in Bitcoin’s price level has seen its market capitalization exceed $1.6 trillion. The crypto asset’s daily trading volume also doubled, reaching $92 billion, with its market dominance across all altcoins reaching 55.4%.

Bitcoin’s market capitalization now exceeds Mark Zuckerberg’s meta at $1.48 trillion after its recent surge, making it the ninth largest asset in the world.

Bitcoin’s uptrend has increased risk appetite among institutional investors, which has led to more investments in the crypto market.

The total market capitalization of the entire crypto market has increased by 3% in the last 24 hours and is currently above the $2.9 trillion mark.

The crypto market has not reached this level since November 2021. Coingecko data showed that total crypto trading volume has increased by 80% and is currently in the range of $306 billion.

These figures illustrate the increased interest and great appetite of market participants and institutional investors.

Bitcoin’s Price Rise Explained

At the beginning of last month, Bitcoin was hovering around the $60,000 price mark. Today’s situation changes as the price of the primary asset rose by over $20,000 in the first week of November.

The most significant event that led to these bull runs was the United States presidential election, in which Donald Trump emerged as the 47th President of the United States.
Donald Trump, who made his position on Bitcoin and cryptocurrencies as a whole clear during his election campaign, is seen as a pro-crypto candidate who will right the Biden administration’s mistakes in the crypto industry.
According to data from IntotheBlock, crypto whales have stepped up their game in acquiring Bitcoin. Crypto whales accumulated almost 32,000 BTC on November 10th.

This upswing in BTC acquisitions by crypto whales has remained consistent since November 6th, a day after the US elections.

What you should know

Bitcoin’s price movement has resulted in numerous liquidations in the market. Data from CoinGlass confirms that $121 million was liquidated in Bitcoin alone, including $38 million in long positions and $83 million in short positions.
The total liquidation of the entire crypto market reached $630 billion in the last 24 hours, according to CoinGlass data.
Crypto liquidation is the process of closing a trading position by converting a cryptocurrency asset into fiat currency or stablecoins, often executing at a less favorable level than the current market price. This happens when a trader does not have sufficient funds to keep a leveraged trade open