Bitcoin, the largest cryptocurrency by market capitalization, hit a new all-time high above $71,000 on March 11, causing massive liquidations across derivatives markets.
BTC price rose rapidly from an opening at $69,053 during the start of the European trading session on Monday, March 11, to set a new record high at $71,415, according to data from CoinMarketCap.
At the time of writing, Bitcoin was trading at $71,125, up 2.7% over the last 24 hours.
TradingView chart: BTC/USD on the daily timeframe
BTC's daily trading volume has jumped 80% over the same time frame to $46.6 billion. With this performance, Bitcoin's market cap has increased to $1.4 billion, reinforcing its position as the most valuable cryptocurrency in the world.
BTC's climb above $71,000 has resulted in a number of leverage positions being liquidated across the crypto market. According to data from Coinglass, more than $357 million has been liquidated — $228 of these being long liquidations over the last 24 hours. Over $56.9 million short position BTC liquidations have been experienced over the last 24 hours, with the daily tally continuing at the time of publishing.
Total crypto liquidations. Source: Coinglass
The largest single liquidation order occurred on ByBit for the BTC/USD pair valued at $8,88 million.
Traders and analysts are evidently elated by Bitcoin's climb to new all-time highs as the price finally broke through the resistance at $70,000.
Binance, the largest crypto exchange in the world by trading volume, went to X to welcome BTC to $70K.
In another post, Binance told its followers, "Every person who has ever bought #Bitcoin is now in profit."
The president of Queen's College, Cambridge, Mohamed A. El-Erian, shared the following charts by Bloomberg on X, saying, BTC is "currently trading at a new record high."
BTC price chart. Source: @elerianm/X
Crypto enthusiast Stack Hodler shared the list of top 10 assets in the world according to market capitalization, with Bitcoin at position 8 with $1.4 trillion ahead of Silver's $1.38 trillion and Meta's $1.8 trillion.
Stack Hodler expressed their confidence in BTC's potential, saying that the big crypto "isn't here to take part. It's here to take over."
As institutional capital continues to flow into Bitcoin and the supply halving draws closer, Bitcoin's price is expected to undergo a parabolic uptrend, with some analysts projecting six-figure prices for BTC.
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