- The cryptocurrency market capitalisation surged to US$2.5 trillion, with Bitcoin trading above US$72K and nearing its all-time high.
- Bitcoin recorded 12 consecutive hours of gains, driving investor optimism toward a new peak.
- Over US$113M in crypto liquidations occurred in 24 hours; BTC open interest hit US$16B, while spot ETFs reached US$5B in volume.
The cryptocurrency market has witnessed a substantial rally over the past 24 hours, with the total market capitalisation climbing to an impressive US$2.5T (AU$3.81T). This upswing reflects strong gains across some of the leading crypto assets, led by Bitcoin’s (BTC) notable rise.
Currently trading above US$72K (AU$110K), Bitcoin is inching toward its all-time high as market momentum builds.
Bitcoin’s price action has been particularly impressive, marking 12 consecutive hours of positive gains. The steady green candles have propelled BTC closer to its previous high, last reached in June 2024, fueling optimism among investors that a new peak might be within reach.
Anticipation Builds Around US Election Impact on Crypto
The recent price movements come just days before the US Presidential elections on November 5. Both major candidates have expressed favorable positions on digital assets, yet Donald Trump’s campaign has stood out with a bolder stance. Trump has proposed potential measures like tax eliminations and tariffs on US-developed tokens, positioning the crypto industry as a key focus area for economic growth.
Related: Dogecoin Pumps Following Elon Musk’s Appearance at Trump Rally
All eyes are on the elections and Bitcoin’s potential reaction, as the outcome could influence regulatory approaches toward cryptocurrencies and spark further market shifts.
In the meantime, let’s check the recent market liquidations. Coinglass data shows that over US$113M (AU$172.6M) in Bitcoin has been liquidated in the past 24 hours, mostly short positions, of course.
Research firm Kaiko has highlighted BTC perpetual futures have seen strong capital inflows. The firm notes that BTC open interest has bounced back to August highs of US$16B (AU$24B), yet funding rates remain below March highs.
Related: VanEck Says New Bitcoin Buyers Entering Market Daily in ‘Very Bullish Setup’
Similarly, data from SoSo Value shows total spot Bitcoin exchange-traded volume (ETFs) have broken over US$5B (AU$7.6B), with BlackRock’s IBIT reaching US$3.3B (AU$5B).
Credit: Source link
