The cryptocurrency market has seen a resurgence today, with the world's largest cryptocurrency, Bitcoin, rising by approximately 5.6% in the last 24 hours, surpassing $72,000 after a long period of time.
At the time of writing, the BTC price is trading at $72,328, just 2% away from its all-time high.
The massive rise brought with it growth in the entire cryptocurrency market, with the entire cryptocurrency world rising by 4.9% in total market value today.
Although most altcoins are in the green zone, the increases were not much greater than BTC. The world’s largest altcoin, Ethereum, has gained 6% in the last 24 hours and is trading 45% lower than its all-time high price level.
The exception was Dogecoin. The DOGE price has shown an impressive growth of 16% in the last 24 hours. This rise is thought to be related to Elon Musk and the expectation that Musk will be appointed to an important position if Donald Trump wins after the US elections.
On the other hand, the rise in the cryptocurrency market caused a sudden short-heavy liquidation in the market. When the data is examined, it is seen that there was a liquidation of $222 million in the cryptocurrency market in the last 24 hours. $178 million of these were in short positions.
The cryptocurrencies that were liquidated the most were Bitcoin with $88 million, Ethereum with $35 million, Dogecoin with $15 million and Solana with $14 million.
*This is not investment advice.