Bitcoin, the leading cryptocurrency, reaches a new milestone as its price hits $81,000, pushing its market capitalization beyond $1.6 trillion. The cryptocurrency has gained 17.6% over the past week, now trading around $80,891 after a slight dip.
Following Donald Trump’s recent election victory, Bitcoin maintains an upward trajectory, breaking previous records and setting fresh all-time highs almost daily. This rally drives Bitcoin’s market dominance to 55.4% and boosts its daily trading volume to $92 billion.
With this surge, Bitcoin’s market cap now ranks above Meta, valued at $1.48 trillion, making it the ninth-largest asset globally. The ongoing bullish trend draws in more institutional investors, increasing investment across the crypto market.
The total crypto market valuation rises by 3% over the past 24 hours, now surpassing $2.9 trillion—a level not seen since November 2021. Coingecko data shows an 80% rise in trading volume, currently at $306 billion, reflecting heightened interest from retail and institutional investors alike.
What Drives Bitcoin’s Recent Price Spike
A month ago, Bitcoin trades around $60,000. This recent surge adds over $20,000 to its value in just the first week of November, largely driven by the U.S. Presidential election results, which see Donald Trump, a pro-crypto candidate, winning the race. Trump’s favorable stance on cryptocurrency sparks optimism, as investors anticipate a shift in the regulatory approach toward digital assets.
Crypto whales—large holders of Bitcoin—also play a key role in this rally. Data from IntotheBlock shows that whales accumulate nearly 32,000 BTC on November 10, maintaining steady buying activity since November 6, the day after the election.
Key Market Insights
Bitcoin’s rapid price rise triggers significant market liquidations. CoinGlass data shows $121 million in Bitcoin liquidations, with $38 million from long positions and $83 million from shorts. Across the crypto market, total liquidations reach $630 million over the past 24 hours.
In the crypto space, liquidation refers to the forced closing of a position by converting a crypto asset to fiat or stablecoins, often triggered when a trader lacks the funds to sustain a leveraged trade.
