Bitcoin has continued its rapid rise, reaching close to $85,000 for the first time. However, as the cryptocurrency market moves quickly, traders are facing losses on futures bets, with liquidations totaling $684 million in the past 24 hours.
At the time of writing, Bitcoin’s new all-time high is $84,929, according to CoinGecko, although the price has slightly dropped to $84,418. Despite this, BTC has increased by over 6% in a day and 23% in the last week. Coinbase data shows that Bitcoin came within $0.02 of reaching $85,000 on late Monday morning, although CoinGecko does not show such a close call.
Bitcoin previously held an all-time high of $73,737 from March until Election Day last week, but it broke that barrier as Donald Trump started to secure his win. Now, the leading cryptocurrency has added over $11,000 to that record.
Most major cryptocurrencies have experienced significant gains in the past week. Dogecoin (DOGE) has increased by 103% to $0.32, Cardano (ADA) has risen by 83% to $0.60, and Solana has climbed by 36% to around $220.
While crypto prices have mostly been rising this week, liquidations in the past 24 hours have affected both long and short positions. CoinGlass shows $685 million in liquidations across the market, including approximately $354 million in long positions and $330 million in smashed shorts.
Bitcoin has caused the most damage, with $189 million in liquidations, including a single $15.6 million short position on OKX that was liquidated late Sunday. Ethereum is the second-largest source of liquidations, totaling $102 million.