The price of Bitcoin, the largest cryptocurrency, hit a new all-time high of $75,080 at 3:08 UTC on the Bitstamp exchange.
Alex DovbnyaIt has since given up some gains, currently trading slightly above the $74,000 level.
The leading cryptocurrency surged by more than 6% on Tuesday after experiencing a severe drop earlier this month.
According to data provided by cryptocurrency analytics firm CoinGlass, more than $350 million worth of short positions got liquidated over the past 24 hours. Binance, OKX, and HTX are among the top exchanges by total liquidations.
Notably, a whale shorting Bitcoin (BTC) recently got liquidated for nearly $75 million following Bitcoin's massive surge.
According to CryptoQuant Ki Young Ju, U.S. Bitcoin market sentiment has managed to recover after an entire month of negative premium.
Bitcoin's previous record high was set back in March following the launch of various spot ETFs in the U.S. Bitcoin came close to recording a new lifetime peak last week. However, back then, it faced a sharp rejection. Now, the bulls have finally managed to a find a footing above the $73,000 resistance level.
The cryptocurrency's market cap is currently approaching $1.5 trillion, which makes it one of the most valuable assets.
Other major cryptocurrencies have also surged substantially higher, according to CoinGecko data. Solana (SOL) is up by more than 15%.
Dogecoin (DOGE), the leading cryptocurrency by market capitalization, has vastly outperformed the broader market, surging by 27%.
Bitcoin, Ethereum, Solana, and Dogecoin are among the top cryptocurrencies when it comes to liquidations.
Meanwhile, the shares of MicroStrategy (MSTR) are up by more than 10% in pre-market trading.
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