BTC Soars to $85K, DOGE Reclaims $0.3, SHIB Spikes 9% Hourly, as Liquidations Pile Up to $650M

It’s hard to keep track these days for the price increases in the cryptocurrency industry. Just today, bitcoin managed to chart a new all-time high several times, with the latest, for now, coming at nearly $85,000 minutes ago.

The altcoins are also on the move and these fluctuations have led to substantial pain for over-leveraged traders, with more than $650 million in liquidations daily.

Although BTC has added nearly $20,000 in the past week, we will focus more on the developments in the past day, as everything before that was covered extensively.

The primary cryptocurrency challenged and briefly exceeded $81,000 yesterday, which was the then-all-time high. After a brief correction to under $79,000, it went back on the offensive earlier today and tapped $82,000, as reported earlier.

However, that was just the start of its highly positive Monday. Minutes ago, the bulls stepped up on the gas pedal once again and propelled another rally that drove BTC to almost $85,000 for the first time ever. This came amid MicroStrategy’s announcement about its latest massive purchase of over $2 billion worth of bitcoin.

Bitcoin/Price/Chart 11.11.2024. Source: TradingView

But it’s not just the largest cryptocurrency. Dogecoin, which has been at the forefront of this Trump-induced rally, has added another 25% of value in the past 24 hours. As such, the OG meme coin has broken above $0.3 for the first time in roughly three years.

Shiba Inu, which returned to the top 10 largest digital assets by market cap on CMC earlier today, has soared by 9% in the past hour alone to over $0.000028.

CoinGlass data shows that the total value of liquidated positions has shot up to $670 million as of writing these lines. Bitcoin is responsible for the lion’s share, with $165 million, while DOGE is fourth.

Approximately 220,000 traders have been wrecked within this timeframe. The single-largest liquidation occurred on OKX and was worth north of $15 million.

Liquidation Heat Map. Source: CoinGlass