Bitcoin price has breezed past its All-Time High above $76,000, but market trend hints there is more to come.
The price of Bitcoin (BTC) has broken its previous All-Time High (ATH) after a better than expected Week-to-Date (WTD) growth. At the time of writing, the coin’s price has jumped by 2.41% in the past 24 hours to $75,074. Earlier, the premier digital currency soared to an ATH of $76,460 in one of its most silent rallies.
Despite this massive price level, CryptoQuant’s MVRV data shows Bitcoin still has a long way to go.
Bitcoin’s new all-time high doesn’t mean it’s overvalued relative to its cost basis.
The MVRV ratio shows $BTC is still far from peak levels.
The price is also close to the purchase cost of traders, indicating it’s not overheated.
This hints at a potential for further growth. pic.twitter.com/xeeDdipN9O
— CryptoQuant.com (@cryptoquant_com) November 6, 2024
Bitcoin ATH Surge Rallies Altcoins
Bitcoin’s milestone achievement seven months after its last ATH has impacted other cryptocurrencies. Notably, among those with major gains were Dogecoin (DOGE), Solana (SOL), and Ethereum (ETH).
DOGE witnessed a surge of over 20%, with prices hitting as high as $0.2114. Although DOGE’s price has retraced to $0.1925, market volume remains high by 222.37% at $11.84 billion. The trading volume highlights the renewed interest from investors in the memecoin.
Ethereum, the leading altcoin, rose from a price of $2,437 to new levels before correcting to $2,636.90, representing a 7.96% spike. Its market volume soared by 98.66% to $37.87 billion. Similarly, Solana initially surged by more than 25%. SOL trades at $185.63 as of this writing, representing an 11.65% spike.
Liquidation Hits Bitcoin Market
Bitcoin’s ATH came after the announcement of the U.S. Presidential election result, in which former President Donald Trump emerged victorious. The broader economic sentiment in the country also positioned the market for the rally it recorded.
The market trend has sparked a massive liquidation in the crypto market, with a total of $335.07 million wiped from the futures market. Bitcoin took the lion’s share of this liquidation, with $132.16 million, as the market moved against the short sellers.
Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) also saw strong liquidations amid the buyer’s overexposure. While this liquidation is deemed a cautionary tale, it showcases the boost in the market with expectations of a sustained rally.
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