Bitcoin continues to surprise the markets with its surge, recently surpassing the $118,000 mark. This event is attributed to increased institutional demand and significant market movements.
Bitcoin’s Dramatic Price Surge
Bitcoin’s price increased by 8.4% over the past week, setting a new record at $118,667. This led to a substantial increase in its market capitalization, which surpassed $2.35 trillion.
Overview of Market Liquidations
According to data provider Coinglass, over $1.25 billion in positions were liquidated, with $1.11 billion coming from short sellers. A total of approximately 271,037 traders were liquidated. This marks the largest short liquidation of the year.
Bitcoin Surpasses Google in Market Cap Rankings
Bitcoin now ranks as the sixth most valuable asset globally, surpassing Alphabet (Google) with a market cap of $2.356 trillion compared to Google’s $2.173 trillion. The next target for Bitcoin is Amazon, valued at $2.359 trillion.
Bitcoin's rise underscores the increasing interest of institutional investors and its solid position in the financial market. This event also highlights the volatility of the cryptocurrency market.
