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Bitcoin Climbs to $79,600 All-Time High, Fuels Broader Crypto Market Rally

2 mins
Updated by Daria Krasnova
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In Brief

  • Bitcoin surged to a historic high of $79,600 amid continued market optimism following Donald Trump’s reelection.
  • Global interest rate cuts also boosted Bitcoin’s price, enhancing liquidity and attracting investors to risk assets.
  • The market uptrend resulted in massive liquidations of nearly $400 million for traders speculating on asset prices.
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Bitcoin soared to a historic high of nearly $80,000 on Sunday, fueled by renewed optimism within the crypto community following Donald Trump’s reelection as US president.

This support has powered Bitcoin’s upward momentum, with its rally appearing unstoppable for the time being.

Bitcoin’s Latest ATH Drives $400 Million Market Liquidation

On November 10, Bitcoin reached an unprecedented peak of $79,600, surpassing its prior all-time high (ATH) of more than $77,000, according to BeInCrypto data. Though it has slightly receded to $79,326 at press time, the leading digital asset’s price has still experienced a notable increase of over 3% in the past 24 hours.

“$79k bitcoin, new ATH. Steady folks, this is just the beginning. This is a time for being right and sitting tight. No rash action is needed, HODLing does the work for you,” Bitcoin investor Tuur Demeester said.

Analysts credit a major portion of this growth to the optimism surrounding Trump’s return to office. Many speculate his administration may take a favorable approach to crypto regulation, adding further momentum. Trump himself has shown support for crypto, participating in several industry events, including the Bitcoin2024 Conference, and has pledged to foster a pro-crypto environment.

Bitcoin Price
Bitcoin Price. Source: BeInCrypto

Similarly, the recent cuts in global interest rates have also fueled Bitcoin’s recent price action. Both the US Federal Reserve and the Bank of England recently cut rates by 25 basis points, a move that typically boosts liquidity while softening the dollar. These conditions historically favor risk assets like Bitcoin, making it an appealing option for investors amid a relaxed monetary policy.

Meanwhile, Bitcoin’s price new record high has also positively affected the broader crypto market, with several leading assets riding the wave. In the past 24 hours, Ethereum rose 5.4%, Solana gained 3.2%, and Dogecoin experienced an 11% jump.

Yet, this bullish market performance has led to significant losses for traders speculating on the prices of these digital assets. According to Coinglass data, over 132,000 traders were liquidated for nearly $400 million during the market uptrend.

Short sellers — who had been betting on a market decline — saw the biggest losses, totaling approximately $288.46 million. Long traders faced smaller setbacks, with total losses of around $105.6 million. Bitcoin traders accounted for around 30% of the liquidations at $105 million, followed by Ethereum traders at $65 million.

Crypto Market Liquidation
Crypto Market Liquidation. Source: Coinglass

Across exchanges, Binance experienced the highest volume of liquidations, representing 46.76% of the total, or about $180 million. Other exchanges, such as OKX and Bybit, also recorded significant losses, with $79.6 million and $65.4 million, respectively.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Oluwapelumi Adejumo
Oluwapelumi Adejumo is a journalist at BeInCrypto, where he reports on a broad range of topics including Bitcoin, crypto exchange-traded funds (ETFs), market trends, regulatory shifts, technological advancements in digital assets, decentralized finance (DeFi), blockchain scalability, and the tokenomics of emerging altcoins. With over three years of experience in the industry, his works have been featured in major crypto media outlets such as CryptoSlate, Coinspeaker, FXEmpire, and Bitcoin...
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