Bitcoin Explodes to Almost $80K, With Over 130,000 Traders Liquidated Daily

Bitcoin’s price is on the move again as the asset exploded to yet another all-time high of nearly $80,000, thus charting a 16% weekly surge.

With many altcoins performing even better, over 130,000 over-leveraged traders have been wrecked in the past day, the majority with short positions.

Bitcoin/Price/Chart 10.11.2024. Source: TradingView

It was just a week ago when the primary cryptocurrency struggled to maintain $70,000 and slumped below $67,000 on Monday.

However, as the US presidential election results started to roll out early Wednesday morning, the asset flew past the coveted $70,000 line, broke its March all-time high of $73,737, and hasn’t really looked back.

The rally drove it to over $75,000 on Wednesday, to $77,000 on Friday, and after a mild calmness on Saturday, the cryptocurrency skyrocketed once again hours again and shot up to $79,900 (on Bitstamp).

Despite retracing slightly, it’s still above $79,000 and it has gained more than 15% within the past week.

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

Over-leveraged short traders have felt the pain of these surges, with more than 130,000 such market participants wrecked in the past 24 hours. The total value of liquidated positions is close to $400 million. The single-largest took place on Binance and was worth north of $13 million.

Liquidation Heat Map. Source: CoinGlass