Bitcoin (BTC) saw another strong rally today, rising 3.25% to $123,808.32, bringing the cryptocurrency’s market capitalization to $2.46 trillion.
It is currently trading just 0.46% off its all-time high (ATH), with the last record high being $124,457, according to the data.
Analysts say the rise is fueled by two main factors: investors viewing Bitcoin as a safe haven despite the government shutdown in the US creating uncertainty in the markets, and October being perceived as a historically positive month for Bitcoin.
Futures markets were also notable for their activity. A total of $493.14 million in positions were liquidated in the last 24 hours. Of this, $144.16 million came from long positions and $348.98 million from short positions.
The largest liquidations occurred in Bitcoin ($209.76 million), Ethereum ($105.91 million), and Solana ($23.27 million), respectively. The AI-focused AIA token also saw $20.22 million in liquidations, and BNB saw $11.50 million in liquidations.
*This is not investment advice.