Bitcoin’s price has reached another remarkable milestone evidenced by its recent leap above the $116,000 mark. This sharp increase in value, continuing over the last two days, has taken a devastating toll on those that betted against the digital currency, leading to massive liquidations.
Coinbase’s data confirmed the latest price of Bitcoin to be approximately $116,734, marking an impressive 4.8% hike within the span of 24 hours. This surge follows weeks of hovering under its previous record price, which was just below $112,000.
Market data from CoinGlass has shown the extent to which Bitcoin sceptics have been hit. In the last hour alone, over $560 million worth of crypto shorts have been liquidated, with Bitcoin shorts making up over $425 million of these. The amount of liquidated crypto shorts total $912 million over the last day, driven by Bitcoin’s all-time-highs.
BitBull Capital’s CEO, Joe DiPasquale, suggested that Bitcoin is likely to climb even higher. He attributed the recent rally to strong ETF inflows, increased demand from institutions, and a general risk-friendly environment in light of anticipated reductions in federal rates.
Other key digital currencies also experienced significant growth, with Ethereum seeing a near 8% increase to $2,970, Dogecoin jumping 6% to $0.192 while XRP rose by 5.5% to $2.55.