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- Bitcoin reaches $124,457, surpassing Google in market value before easing to $2.42 trillion.
- Traders face $142 million in liquidations as short bets collapse amid strong upward momentum.
Bitcoin price has climbed to a new all-time high of $124,457.12 in the past 24 hours, briefly lifting its market cap close to $3 trillion. This rise pushed the cryptocurrency ahead of Google in terms of market capitalization. Prices later eased, with the value standing near $2.42 trillion.
Bitcoin Gains as Traders Close Short Bets
It is worth mentioning that over the past day, Bitcoin traded above $120,000 for most of the session. It touched fresh highs before slipping back to about $121,000. In one day, the price rose by 2.21% and over the week, it gained 6.39%, while doubling in value over the past year.
Trading data shows $142.40 million worth of Bitcoin positions were liquidated in the last 24 hours. Short sellers took the bigger hit, losing $116.38 million, compared to $26.02 million in long positions. The sharp rise in short liquidations suggests many traders expected a fall in prices, but the market moved higher instead.
According to the update, on shorter time frames, some long positions have been closed. In four hours, $14.62 million worth of longs were liquidated, while shorts saw losses of $751,730. Basically, this may point to lower trading volumes during certain periods, which can lead to price pullbacks.
The largest single liquidation came from a $10 million BTC/USD position on Bybit. This shows that while the general direction remains upward, large moves can quickly impact leveraged traders.
Institutional Interest and Rate Cut Hopes Lift Prices
Bitcoin’s performance has been stronger than that of other major cryptocurrencies and even many traditional assets. It continues to see more use among companies, investment funds, and governments.
As mentioned in our previous news brief, Bitcoin proponents such as Michael Saylor and Samson Mow believe it could reach $1 million in the future. In our recent post, we noted that former Bitmex CEO Arthur Hayes predicted that the Bitcoin price would top $250,000 by the end of 2025. At its current value of $120,997 and a 0.37% boost, Bitcoin’s market size of $2.4 trillion is greater than the gross domestic product of Canada.
It is important to add that the recent rally is partly due to expectations that the US interest rate will drop. The Federal Reserve may cut rates soon, bringing them close to 1%. Lower rates could put more money into the market and attract investors to Bitcoin.
More importantly, with the interest from big investors and steady growth, Bitcoin is getting closer to $130,000. Traders are watching to see if it can keep rising without a big drop. While Bitcoin experiences more corporate adoption, CNF reported recently that experts are now concerned about centralization issues that may arise in the future if not properly managed.
