After Bitcoin's price broke the previous all-time high earlier today, the number one cryptocurrency by market cap seems to be continuing the bullish surge.
Bitcoin saw an impressive 9.66% rise in the past 24 hours and peaked at a little over $76,000 with $114 billion in trading volume (up 143% since yesterday). BTC’s market cap currently stands at $1.5 trillion.
Ethereum also witnessed a notable surge with the price reaching $2,700 after rising 11.36% with a $39.3 billlion trading volume and a market cap of around $325 billion.
During this period $572.59 million were liquidated in the crpytocurrency maret with $393.55 million being short positions and $179.14 million in longs (with $296.31 million being Bitcoin.)
This notable bullish trend is the aftermath of the presidential election in the United States, where Donald Trump won the race by a landslide.
Additionally, analysts are expecting a 0.25 bps rate cut from the Federal Reserve tomorrow, which will add to the market optimism.
JPMorgan analysts are raising doubts about Bitcoin’s role as “digital gold” as demand for traditional gold continues to strengthen.
Cryptocurrency analyst Ali Martinez has raised concerns about Ethereum’s future performance against Bitcoin, suggesting a significant decline could be on the horizon.
The U.S. Bitcoin mining sector is gearing up for potential challenges after President Donald Trump announced new tariffs, set to take effect on April 5.
The cryptocurrency market faced a sharp decline after President Donald Trump announced new tariffs, triggering a sell-off that wiped out around $509 million in value.