Bitcoin (BTC) Surges to New All-Time High Near $94K as Bull Rally Gains Momentum

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In less than a week, Bitcoin has once again shattered its previous all-time high, reaching a new peak of nearly $94,000.

This has put its market capitalization to around $1.850 trillion, which makes it the seventh-largest asset by that metric in the world.

The primary cryptocurrency went on a tear after the United States elected Donald Trump to be its next president on November 5. At the time, the asset traded around $68,000 but skyrocketed to $75,000 on the same day.

The rally continued the following week, and it peaked at $93,477 last Wednesday. Since then, bitcoin entered a consolidation phase, and it even dropped below $87,000 amid some profit-taking, especially from miners.

However, it didn’t stay there long and started another leg up at the beginning of the current business week, which pushed it to over $92,000 on a couple of occasions. After a few rejections, it pushed past that line and climbed above $93,000 earlier today.

The bulls kept the pressure on the gas pedal, and BTC skyrocketed to just under $94,000 (on Bitstamp) minutes ago to record a fresh peak. Consequently, the speculations about a run toward $100,000 have gone rampant.

This comes amid multiple large purchases from MicroStrategy as well as a few more modest ones from other companies like Metaplanet.

BTC’s current market cap of $1.850 trillion solidifies its position as the seventh-largest asset in the world, and it is closing the gap to Alphabet ($2.150 trillion) and Amazon ($2.160 trillion).

With this surge, BTC has left roughly $70 million in short liquidations, while the total value of wrecked positions on a daily scale has risen to nearly $300 million.