Bitcoin’s market cap hit $2.5 trillion.
After nearly two months of extended consolidation period, in which BTC even dipped below $110K on several occasions, the asset has gone on a tear in the past week and just broke its August all-time high.
The cryptocurrency rocketed to just under $126K on Binance during the early trading hours of Sunday. Recall that bitcoin went on a roll during the summer when it topped $124K in August. What followed was a somewhat expected correction and consolidation.
September was volatile with a peak of $118K after the US Fed reduced the interest rates. However, that was short-lived and BTC dumped below $109K a week later. Its recovery began at the start of the business week and especially since October (referred to as ‘Uptober’ in the crypto community) kicked off.
Bitcoin added more than $10K to its value from Monday until Friday but the actual breakout was yet to transpire. Following a calm Saturday with sideways trading between $121K-$122K, the major cryptocurrency flew past the precious record and set a new one at $125.9K on Binance.
Its market capitalization has shot up to $2.5 trillion, which places it above Amazon and close to silver. The total value of liquidations on CoinGlass is up to $350 million, with shorts responsible for the lion’s share.
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