The global cryptocurrency market has reached a new all-time high of $3.2 trillion, largely driven by Bitcoin hitting a new ATH of $94,000. However, the market valuation has slightly decreased since then, currently standing at $3.21 trillion. Bitcoin’s 7-day performance has seen a 5.9% increase, with its price trading at $92,460 and approaching a market capitalization of $2 trillion.
Despite the positive performance of crypto, liquidations have impacted traders, with over 119,000 facing liquidation totalling $317.33 million in the last 24 hours. Bitcoin accounted for $78 million of these liquidations, with short and long traders both affected. While some cryptocurrencies like Cardano, Pepe, and Bonk saw gains, others experienced liquidations, indicating varying outcomes in the market.
Macro factors have played a significant role in driving optimism in the crypto market today. MicroStrategy’s large Bitcoin acquisition of 52,000 BTC valued at over $4.6 billion bolstered market confidence. Rumble, a competitor to YouTube, also hinted at adding Bitcoin to its balance sheet, potentially increasing mainstream adoption. Despite this, analysts have warned of a potential pullback if the market valuation falls below certain thresholds.
Overall, the performance of crypto today has been a mix of highs and lows, with Bitcoin leading the way in valuation and market capitalization. While some traders faced liquidations, others saw gains in certain cryptocurrencies. Macroeconomic factors, such as high-profile acquisitions and potential mainstream adoption, have contributed to market optimism. However, caution is advised as market analysts warn of potential profit-taking and corrections if certain thresholds are not maintained.
