Bitcoin (BTC) shattered its previous record on Thursday morning, reaching an all-time high of $98,367 per coin at 6 a.m. Eastern Time. The leading cryptocurrency now stands just 1.66% away from the highly anticipated $100,000 milestone, fueling optimism across the market.
Market Cap Approaches $2 Trillion
Bitcoin's total market capitalization surged to $1.94 trillion, edging closer to the $2 trillion mark. The rally was supported by a 24-hour trading volume of $100.8 billion, reflecting intense investor activity during overnight sessions. Over the past week, BTC gained 7.8% against the U.S. dollar, while the 24-hour increase stood at 5.2%.
Analysts attribute the surge to growing institutional interest and Bitcoin's limited supply, which continues to drive demand as a hedge against inflation. The cryptocurrency's resilience amid mainstream adoption has reinforced its role as a transformative asset class.
Derivatives Market Sees Heavy Liquidations
The price spike triggered significant activity in derivatives markets. A total of $457.15 million was liquidated across the broader crypto economy in the past 24 hours. Bitcoin short positions accounted for $99.43 million in liquidations, while long positions saw $25.74 million cleared. The single largest liquidation order — valued at $4.63 million — occurred on Binance's ETH/BTC trading pair.
Market volatility was evident as 160,255 traders were liquidated within the day. Despite the bullish momentum, participants remain cautious, closely monitoring whether Bitcoin can breach the psychological and technical barrier of $100,000.
Outlook
Bitcoin's ascent underscores its growing acceptance as a digital store of value. With institutional capital flowing in and supply constraints tightening, the path to $100,000 appears increasingly plausible. However, the inherent volatility of cryptocurrencies warrants risk management strategies for traders.