Bitcoin explodes to almost $80,000, with more than 130,000 traders liquidated daily

Bitcoin price is on the move again as the asset exploded to another all-time high of nearly $80,000, a weekly gain of 16%.

With many altcoins performing even better, more than 130,000 overleveraged traders have gone bust in the last day, mostly with short positions.

Bitcoin/Price/Chart 10.11.2024. Source: TradingView

It was just a week ago that the major cryptocurrency struggled to hold $70,000 and fell below $67,000 on Monday.

However, as the results of the US presidential election began to be released on Wednesday morning, the asset broke through the coveted $70,000 line, broke its March all-time high of $73,737 and really did not has looked back

The rally took it past $75,000 on Wednesday, to $77,000 on Friday, and after a mild lull on Saturday, the cryptocurrency once again soared after hours, soaring to $79,900 (on Bitstamp).

Despite pulling back slightly, it is still above $79,000 and has gained over 15% over the past week.

Many altcoins have produced even more impressive gains, such as ADA (32%), CRO (25%), SUI (24%), NEIRO (23)% and many others.

Overleveraged short traders have felt the pain of these increases, with more than 130,000 market participants in the last 24 hours. The total value of the liquidated positions is close to 400 million dollars. The largest took place on Binance and was worth over $13 million.

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

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