The Trump election effect continues to ferment in the cryptocurrency market. After Bitcoin surpassed $77,000 for the first time yesterday, it plummeted, but then this morning challenged the $77,000 mark again, persistently striving to hit new highs. Ethereum, on the other hand, surged past $3,150, marking a three-month high. However, amidst Bitcoin’s volatile rise, the total liquidation amount across the cryptocurrency network in a single day reached $291 million.
(Previous context: Bitcoin breaks through $77,000 to hit a new high, Ethereum approaches $3,000! Trump effect continues, and the three major U.S. stock indices also break records.)
(Background supplement: Can Bitcoin still rise? Analysts use “two indicators” to determine the market is not yet overheated notionvc: e69de081-64c2-4400-967d-e99b45b6d5f5)
Following Trump’s election victory, Bitcoin has been steadily rising for several consecutive days. It surpassed $77,000 for the first time at 3 AM yesterday, reaching a high of $77,200, before starting to fall. By 1 AM this morning, it had dropped to a low of $75,714, then stopped declining and rebounded. It briefly surged to $77,100 at 8 AM this morning before retreating again. It is currently reported at $76,724, with a 24-hour increase of 0.4%.
Ethereum, on the other hand, has shown strong performance, continuously rising since the 6th. After breaking through $3,000 yesterday, it climbed to a high of $3,157 at 7 AM this morning, setting a new high since August 1. It is currently reported at $3,114, with a 24-hour increase of 4.4%.
Top ten tokens generally rise.
According to CoinGecko data, other top ten cryptocurrencies by market capitalization showed general increases. The largest gains were seen in DOGE and ADA, which surged 12.4% to $0.2241 and 18.5% to $0.5158, respectively. Additionally, SOL increased by 0.3% to $199.61, BNB rose by 0.5% to $625.82, and XRP increased by 3.5% to $0.5684.
$291 million liquidated across the network in the past 24 hours.
CoinGecko data shows that the current total market value of cryptocurrencies is $2.767 trillion, with a 24-hour increase of 0.7%. BTC’s market dominance is 55%, and ETH’s market dominance is 13.7%.
Notably, amidst Bitcoin’s volatile rise, Coinglass data indicates that in the past 24 hours, the total liquidation amount across the cryptocurrency network reached $291 million, with long positions liquidated at $94.88 million and short positions at $197 million, resulting in over 110,000 people being liquidated.
Among them, Ethereum had the largest liquidation amount at $57.91 million, with Bitcoin coming in second at $48.90 million. The third to fifth largest liquidation amounts were $17.46 million for Dogecoin, $11.94 million for HMSTR, and $11.63 million for SOL, respectively.
