Bitcoin (BTC) Hits New All-Time High of $81,858 as the Crypto Market Surges

Bitcoin (BTC) gained 18% over the past week and is up 3% in the past 24 hours. The leading cryptocurrency reached an ATH of $81,858 earlier today

Bitcoin price hit a new all-time high of $81,858 on Monday, thanks to the Republican candidate Donald Trump winning the U.S. presidential elections.

Bitcoin (CRYPTO: BTC) price rose 3% in the past 24 hours and 18% over the last week. The leading cryptocurrency hit an all-time high of $81,858 earlier today and is currently trading at $81,000 after a slight correction.

The BTC market cap hit $1.6 trillion, and its daily trading volume doubled to reach $92 billion. Bitcoin’s market dominance is 55.4% at the time of writing.

The so-called digital gold became the ninth-largest asset by market cap, surpassing Meta (NASDAQ:META).

Bitcoin’s rally is also pushing the broader crypto market to 2021 highs. The global crypto market cap increased by 3% over the last day and is sitting above the $2.9 trillion mark, according to data from CoinGecko.

This level was last seen in mid-November 2021.

The total crypto trading volume grew by 80% and is currently hovering at $306 billion, per CoinGecko data. This shows increased participation from market participants.

The Bitcoin and market-wide rally started after Trump overtook Vice President Kamala Harris in the U.S. presidential elections as the community called him the “first pro-crypto U.S. president.”

Trump’s win acted as a major catalyst for the crypto market, triggering the fear of missing out (FOMO) among digital currency investors.

With Bitcoin breaking its March all-time high of $73,000, short liquidations started to increase. According to data from Coinglass, the total crypto liquidations reached $630 billion in the past 24 hours.

Bitcoin, alone, saw $121 million in liquidations — $38 million longs and $83 million short — per Coinglass data. Historically, short liquidations initiate upward momentum and investors would usually expect high volatility.

The increased trading volume also adds to the market-wide volatility as the prices have been rising along with the election trend. Consequently, a potential correction would be expected.

Whales are also accumulating BTC at an increasing rate, and almost 32,000 BTC was added to their wallets on Nov. 10, according to data from IntoTheBlock.

As the chart shows, the large holder activity has been moving in the same direction as the BTC price since Nov. 6, the election day.

The sudden surge in Bitcoin’s whale accumulation also suggests FOMO among market participants.