Bitcoin Price Tops $116,000, Massive Short Squueze Approaches $1 Billion

Bitcoin’s price is expanding to the upside and has charted a new all-time high at around $116,400.

With this latest move, BTC is up 4.6% in the past 24 hours and more than 5.5% over the past seven days with a massive $50 billion daily trading volume.

The move comes at the expense of short traders, who lost a combined total of around $940 million in the past day, according to data from Coinglass. This has caused a massive short squeeze, which is a common term used to describe a situation where short traders get liquidated and, as they do, this pushes the price upwards even further.

At the time of this writing, the total liquidations are at about $1 billion and 94% of that accounts for sellers, which is pretty indicative of the absolute domination by the buyers.

The rest of the market is also charting considerable gains – ETH is approaching $3,000, XRP is trading close to $2.6, while the total cryptocurrency market capitalization is almost $3.7 trillion.