Bitcoin Smashes Past $113K as Short Sellers Scramble and Crypto Market Heats Up
Bitcoin surged to a fresh all-time high on Thursday, breaking through $113,000 as investor enthusiasm returned to risk assets and a wave of short liquidations pushed prices even higher.
The top cryptocurrency climbed as much as $113,863.18 during the day before settling around $113,459, marking a nearly 2% daily gain. This latest rally extends the momentum sparked earlier in the week, as market confidence strengthens.
Data from CoinGlass showed that over $318 million worth of bitcoin short positions were liquidated across centralized exchanges in just 24 hours. When short sellers are forced to buy back their positions amid rising prices, it adds buying pressure that fuels even further gains—a classic short squeeze scenario.
The upward trend wasn’t limited to bitcoin. Altcoins joined the rally, with Ether and Solana each gaining over 2%. Meanwhile, Dogecoin and Cardano’s token jumped more than 5%, and XRP and Litecoin rose by 3%.
The crypto stock sector also saw solid gains. Marathon Digital Holdings and Riot Platforms, two prominent bitcoin mining firms, advanced more than 2% each. Trading platforms Coinbase and Robinhood added about 4% apiece.
Despite hovering in a narrow range for several weeks, bitcoin has remained consistently above the $100,000 mark for over 60 consecutive days, supported by steady inflows into spot bitcoin exchange-traded funds (ETFs). Notably, public companies have been accumulating bitcoin at a pace that even outstrips ETF activity.
The current rally kicked off on Wednesday, fueled by renewed investor appetite for risk amid tech sector gains and optimism over the broader economic outlook. Positive sentiment has also been driven by progress on stablecoin legislation in Congress, alongside continued interest from institutions.
With mounting confidence in both regulation and long-term value, many market watchers now anticipate bitcoin will push even higher in the months ahead.
