According to the latest data, the world's largest cryptocurrency, Bitcoin, hit a new all-time high of $87,840 on Binance.
The sudden rise came after a positive trend that continued throughout the day. The Bitcoin price, which initially exceeded $82,000, then quickly surpassed the $84,000 level and is being traded at $84,675 at the time of writing.
On the other hand, the rise does not seem to have been felt much yet on the world's largest altcoin, Ethereum. While the Bitcoin price increased by 6.48% in the last 24 hours, this rate remained limited to 1.17% on the Ethereum side.
The rise came after the election of cryptocurrency-supporting Donald Trump as US President and the Fed’s interest rate cuts last week. The rise was also helped by FED Chair Jerome Powell’s dovish statements at a press conference.
Along with the increases, there was a liquidation wave in the entire cryptocurrency market. The amount of liquidation in the entire cryptocurrency market reached an incredible $672 million, of which $346 million were in long positions.
*This is not investment advice.
