Bitcoin Achieves $98,367 Record High, Approaches $2 Trillion Market Cap
Bitcoin (BTC) has reached an all-time high of $98,367, nearing $2 trillion in market capitalization. The cryptocurrency’s increase reflects growing investor confidence, exhibiting a 5.2% rise in 24 hours and 7.8% over the week. Significant trading volumes and liquidations in the derivatives market underscore heightened market activity, despite ongoing volatility.
Bitcoin (BTC) has reached a historic peak of $98,367 per coin, now standing at a mere 1.66% away from the significant $100,000 threshold. In recent trading sessions, bitcoin exhibited remarkable performance, increasing by 5.2% in the past 24 hours and 7.8% across the previous week. The cryptocurrency’s total market capitalization has surged to approximately $1.94 trillion, approaching the notable $2 trillion milestone, indicating robust investor confidence and interest in the cryptocurrency market.
The surge in bitcoin’s price can be attributed to a notable increase in trading activity, with a recorded 24-hour trading volume of $100.8 billion. This rising momentum has also been observed in the derivatives market, where significant liquidations occurred in the broader crypto realm. Over the previous 24 hours, liquidations totaled approximately $457.15 million, with bitcoin shorts accounting for about $99.43 million of that total. Furthermore, Binance reported the largest liquidation order at $4.63 million on the ETH/BTC trading pair.
Despite the positive trajectory of bitcoin, the market remains characterized by volatility, which has resulted in the liquidation of 160,255 traders in a single day. Many in the trading community are keenly observing whether bitcoin will surpass the psychological barrier of $100,000. This forecast reflects a growing belief in the cryptocurrency’s potential as a hedge against inflation, driven by limited supply and increased mainstream adoption, particularly from institutional investors.
Bitcoin, introduced in 2009 as a decentralized cryptocurrency, has garnered significant attention over the years, evolving into a mainstream financial asset. Its finite supply, capped at 21 million coins, along with increasing institutional interest, has attracted a diverse range of investors. The cryptocurrency market has been shaped by various factors, including technological advancements in blockchain technology, regulatory developments, and macroeconomic trends, contributing to its volatility and recent price surges.
In summary, bitcoin’s recent milestone of $98,367 highlights its volatile nature, growing institutional adoption, and an ongoing investor interest as a hedge against inflation. The approach towards the $2 trillion market cap demonstrates significant confidence in the cryptocurrency’s future, although trading conditions remain uncertain. Market participants and analysts will continue to watch closely for potential price breakthroughs and overall trends in the cryptocurrency landscape.
Original Source: news.bitcoin.com
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