Bitcoin, the leading cryptocurrency by market cap, reached a new all-time high of $113,541 at 17:41 UTC on the Bitstamp exchange, surpassing the $113,000 level for the first time.
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According to CoinGlass data, $575 million worth of short positions have been liquidated over the past 24 hours amid Bitcoin's impressive breakout.
The market cap of the leading cryptocurrency has now swelled to $2.25 trillion.
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Notably, Bitcoin is now close to surpassing retail giant Amazon by market cap for the first time.
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Meanwhile, some analysts are already eyeing $125,000 as a potential short-term target for the flagship coin.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team