The Trump election effect continues to ferment in the cryptocurrency market. After Bitcoin first broke through $77,000 yesterday, it pulled back but then challenged $77,000 again this morning, continuously striving for new highs. Ethereum, on the other hand, surged past $3,150, marking a three-month high. However, amidst Bitcoin’s volatile upward trend, the total liquidation amount across the cryptocurrency market reached $291 million in a single day.
(Background: Bitcoin breaks through $77,000, setting a new high, and Ethereum approaches $3,000! The Trump effect continues, with the three major U.S. stock indices also breaking historical records.)
(Additional Background: Can Bitcoin continue to rise? Analysts use “two indicators” to determine that the market is not yet overheated notionvc: e69de081-64c2-4400-967d-e99b45b6d5f5)
After Trump’s victory, Bitcoin has been on a continuous upward trend. It first broke through $77,000 at 3 a.m. yesterday, reaching a high of $77,200, and then began to pull back, hitting a low of $75,714 at 1 a.m. this morning. It then stabilized and rebounded, briefly reaching $77,100 at 8 a.m. before falling back 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 a.m. this morning, setting a new high since August 1st. 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 cap showed general increases. The largest gains were seen in DOGE and ADA, which surged by 12.4% to $0.2241 and by 18.5% to $0.5158, respectively. Additionally, SOL rose by 0.3% to $199.61, BNB increased by 0.5% to $625.82, and XRP went up 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 capitalization of cryptocurrencies is $2.767 trillion, with a 24-hour increase of 0.7%. BTC’s market dominance is at 55%, while ETH’s is at 13.7%.
It is noteworthy that amidst Bitcoin’s volatile upward trend, Coinglass data indicates that in the past 24 hours, the total liquidation amount across the cryptocurrency network reached $291 million, with long positions liquidated for $94.88 million and short positions for $197 million, affecting over 110,000 traders.
Among them, Ethereum had the largest liquidation amount of $57.91 million, followed by Bitcoin with $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.
