Bitcoin surged to a new all-time high above $113,000 after breaking through the $110,000 barrier amidst growing demand and positive market sentiment.
Altcoins like ETH and DOGE also experienced notable gains, with ETH surpassing $2,800 and DOGE rising by over 5.5% in the past 24 hours.
BTC had been consolidating between $105,000 and $110,000 for weeks before the recent price surge, triggered in part by US investor interest and a general market uptrend.
The surge in cryptocurrency prices led to significant liquidations totaling $600 million in the past 24 hours, with a notable $51 million short position being liquidated, indicating high market volatility.