Bitcoin (BTC) Marks New All-Time High Near $94,000 as Bull Rally Resumes

Bitcoin has taken less than seven days to break its all-time high (again) and chart a new one of just $94,000.

This has brought its market cap to around $1.850 trillion, making it the seventh largest asset by that metric in the world.

Bitcoin/Price/Chart 11/19/24. Source: TradingView

The major cryptocurrency was torn apart after the United States elected Donald Trump to be its next president on November 5. At the time, the asset was trading around $68,000, but shot up to $75,000 on the same day.

The rally continued the following week and hit a high of $93,477 last Wednesday. Since then, bitcoin entered a consolidation phase and even dipped below $87,000 amid some profit-taking, particularly by miners.

However, it didn’t stay long and started another stage at the start of the current working week, pushing it above $92,000 on a couple of occasions. After a few rejections, it broke through that line today and rose above $93,000.

The bulls kept the pressure on the gas pedal and BTC shot up to just under $94,000 (on Bitstamp) minutes ago to register a new peak. As a result, speculation about a run to $100,000 has skyrocketed.

This comes amid multiple large purchases of MicroStrategy, as well as more modest ones from other companies such as Metaplanet.

BTC’s current market cap of $1.850 trillion cements its position as the world’s seventh largest asset and is closing the gap on Alphabet ($2.150 trillion) and Amazon ($2.160 trillion).

With this increase, BTC has left approximately $70 million in short liquidations, while the total value of positions destroyed on a daily basis has increased to $300 million.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!