Bitcoin (BTC) has had a volatile 24 hours, hitting as low as $68,830 on the Binance crypto exchange before recovering some losses.<\/p>\n
Although BTC is trading close to its all-time high (ATH) value of $73,737, yesterday\u2019s quick drop in price cast doubts on whether the top digital asset will be able to record a new ATH.<\/p>\n
According to CoinGlass data <\/a>from the crypto liquidations tracker, more than $296 million of active positions were liquidated in the last 24 hours.\u00a0<\/p>\n Nearly 77% were long positions, indicating that traders were largely betting on BTC\u2019s continued upward momentum. Binance saw the most liquidations at $124 million, followed by OKX with $74 million and Bybit with $65 million.<\/p>\n In digital assets, Bitcoin led with over $97 million worth of positions liquidated, followed by Ethereum (ETH) at $47 million, and Solana at nearly $17 million.<\/p>\n With yesterday\u2019s slump, the total crypto market cap has shrunk by about 3.5%, currently valued at $2.48 trillion. It is worth noting that although BTC is close to its ATH, the total crypto market cap is still considerably far from its ATH of $2.98 trillion recorded in November 2021.<\/p>\n The gap between BTC\u2019s performance and the overall market cap suggests that altcoins have not kept pace with BTC\u2019s recent gains, contributing to the disparity. This could also indicate a cautious investor sentiment, favoring BTC over altcoins during uncertain periods.<\/p>\n At the same time, it suggests that there is still a lot of room for altcoins to grow, which could tempt some more risk-seeking investors to accumulate altcoins in hopes of extraordinary gains relative to BTC.<\/p>\n That said, Bitcoin dominance \u2013 a metric that gauges the proportion of the overall crypto market cap commanded by BTC \u2013 is steadily climbing toward 60%. A higher BTC dominance could spell disaster for altcoins already trailing BTC in price action.<\/p>\n The question on the minds of crypto enthusiasts is whether BTC will achieve a new ATH during this rally. The answer is not straightforward.<\/p>\n Factors supporting a potential new ATH include the increased<\/a> likelihood of pro-crypto US presidential candidate Donald Trump winning the election, the effects of BTC halving, increased<\/a> inflows to BTC exchange-traded funds (ETF), and a low interest rate environment.<\/p>\n On the contrary, sentiment indicators like the Fear and Greed Index suggest the market is still in a \u2018greed\u2019 phase, hinting that there could be more pain for the market before the next leg up.<\/p>\nCan Bitcoin Still Hit ATH?<\/h2>\n