As Bitcoin catapults past the $123K mark, a solitary trader faced a staggering $100 million liquidation, illustrating the volatile nature of the crypto market. After a relatively peaceful weekend, Bitcoin surprised everyone by setting a new record high on Monday.
A host of altcoins, including SUI, CRO, UNI, ALGO, and more, also registered remarkable gains mirroring Bitcoin’s upward trajectory. The tumultuous week once again demonstrated the unpredictable nature of the crypto world. Just a week ago, Bitcoin was trapped within a narrow range, struggling to surpass the $110K mark.
However, the crypto bulls broke the resistance on Wednesday, propelling Bitcoin to $112K. The climb didn’t stop there, with the digital currency nearing $119K by Friday. After a quiet Saturday and most of Sunday, Bitcoin once again made headlines, soaring past $119K to set a new record. The latest all-time high now sits over $123K, marking a roughly $15K increase since last Wednesday.
The unexpected surge caught short traders by surprise, leading to total liquidations of up to $730 million. One notable instance was a whale who faced a near $100 million liquidation on Binance.
When questioned about the possible factors behind the surge, Redstone’s Co-founder and COO, Marcin Kazmierczak, said, “Bitcoin’s breakthrough over $120K marks a significant psychological milestone, extending its impressive 28% year-to-date gain. The move follows President Donald Trump’s decision to impose a 30% tariff on the EU and Mexico, alongside growing institutional adoption through record ETF inflows.”
Altcoins have been riding on the coattails of Bitcoin’s stellar performance. Ethereum has reclaimed the $3,000 mark after a 3% daily increase. Other altcoins, including BNB, SOL, DOGE, ADA, HYPE, TRX, and LINK, have registered comparable growth. XRP is nearing $3 following a 6% daily boost, with other cryptocurrencies like XLM, HBAR, AAVE, TAO, and ONDO showcasing even more impressive growth. SUI, UNI, and CRO have recorded double-digit gains.
The total crypto market cap has ballooned by over $100 billion since yesterday, inching close to $3.9 trillion.
