Bitcoin Hits $89K, Sparking Extreme Greed in Crypto Market
Release: 2024/11/12 22:54 Reading: 761
Bitcoin Surges, Triggering Massive Losses for Traders
Continuing its upward trajectory, Bitcoin recently soared to a record high of $89,000 on November 12th. This surge resulted in substantial setbacks for traders who had wagered on a decline in prices.
Data from CoinGlass reveals that the single-day jump of over 10% wiped out more than $700 million in "short" positions held by over 173,000 traders. Notably, Binance saw a single trade worth $15.70 million liquidated.
Heightened Excitement Fuels Investor Optimism
Investor enthusiasm is evident in the "Fear and Greed Index" reaching "Extreme Greed," indicating a level of 85. This suggests that many investors anticipate significant gains. However, it also implies excessive optimism and potentially imprudent risk-taking.
Overall Market Rises with Bitcoin
Thanks to Bitcoin's surge, the total crypto market capitalization rose by 9.6% to surpass $3 trillion, with Bitcoin accounting for approximately 59%.
Dogecoin Gains Momentum
In addition to Bitcoin, Dogecoin (DOGE) experienced a remarkable surge, rising by 48% in a day. This marks its fourth consecutive day of gains and brings it closer to $1. Dogecoin futures witnessed $68 million in trading volume within just 24 hours, signaling investor speculation.
Caution Urged Amidst Market Exuberance
While the market is abuzz with excitement, some experts advise caution. Kris Marszalek, CEO of Crypto.com, emphasizes the need to reduce leverage before Bitcoin can reach $100K. This suggests that a market cooldown may be necessary to sustain safe price increases.
The current leverage ratio for Bitcoin, representing the amount of borrowed funds fueling trades, has reached a one-year high of 0.217, according to CryptoQuant.
Historical Parallels and Political Influence
The "Extreme Greed" level evokes memories of April 2021, when similar market enthusiasm led to Bitcoin's price plummeting from over $69,000 to approximately $56,500. However, investors remain upbeat amid Donald Trump's recent re-election, anticipating his support for the crypto markets.
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