On Thursday morning at 6 a.m. Eastern Time, the leading cryptocurrency bitcoin (BTC) rose 5.2% against the U.S. dollar in the past 24 hours and 7.8% over the past week, reflecting growing market confidence.

The cryptocurrency’s total market capitalization now stands at $1.94 trillion, edging much closer to the $2 trillion milestone. Bitcoin’s remarkable surge was fueled by a 24-hour trade volume of $100.8 billion, highlighting heightened investor activity during the overnight trading sessions.

At 6 a.m. ET, BTC reached $98,367.

Derivatives markets also saw significant action during bitcoin’s rally. A total of $457.15 million in the broader crypto economy was liquidated in the past 24 hours. Bitcoin short positions accounted for $99.43 million, while $25.74 million in long positions were cleared. Binance recorded the largest single liquidation order—valued at $4.63 million—on the ETH/BTC trading pair.

The spike in bitcoin’s price underscores its resilience amidst increasing mainstream adoption and market speculation. Analysts attribute the surge to growing institutional interest and bitcoin’s limited supply, which continues to drive demand as a hedge against inflation.

Despite the optimism, the market remains volatile, as demonstrated by the liquidation of 160,255 traders in the past day. Market participants are closely monitoring whether bitcoin will breach the $100,000 barrier—a psychological and technical milestone.

The cryptocurrency’s ascent reinforces its role as a transformative asset, captivating investors globally and igniting discussions about the future of decentralized finance and blockchain technology.

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