Bitcoin just hit an all-time high over $116,000, Ethereum hit a record last week, and Dogecoin is up over 2800% since the start of the year. The surge occurred amidst a flurry of trading activity and market liquidations, signaling strong investor interest and evolving market dynamics.
Bitcoin's price reached $115,629.51 at 9:10 p.m. ET, marking a 4.09% increase over the previous 24 hours. Bitcoin’s trading volume surged 62% to $96 billion, signaling a surge in market activity. Ethereum was up by 6.22%, bringing the price of a single ether to $2,931.12 as of 10:09 AM EST. Among the most successful top 10 coins, Dogecoin led the pack, surging 7.76% to $0.1922.
And just as Bitcoin made its wave above $60,000—the stagnant golden child cryptocurrency of their spiking friends—their market dominance dropped below 64%. Ethereum’s market share jumped to 9.8%, as it neared the $3,000 mark, a price point not seen since early February. The total crypto market cap is $3.60 trillion with a 4.03% increase in the last 24 hours.
Even with Bitcoin at an all-time high, data suggests that traders aren’t shifting their assets back onto exchanges in order to lock in profits.
"The trend of coins staying off exchanges is a sign that the threat of sudden market plummets is more limited, and long-term investors are increasingly content to keep their coins safe in personal storage for the long run." - Santiment
It’s been a rough 24 hours for the crypto market, with more than $1 billion liquidated from the space. A remarkable $969 million in short positions were liquidated. The ratio of long to short kept dipping below 1, indicating significantly larger short positions than long ones were being placed.
