Bitcoin Approaches 90K with Frenzied Purchases Driving Market to Record Highs

Bitcoin reached a near-historic high on Bitstamp tonight, peaking at $89,643, as the leading cryptocurrency continues a remarkable rally that has reignited global market interest.
Bitcoin Smashes $89,600 Mark
The price of
bitcoin
(
BTC
) has surged over 12% against the U.S. dollar in the past 24 hours, reaching a unit price of $88,688 by 6:40 p.m. ET. Bitcoin’s rapid climb today, which started from $80,238, ranks as one of its largest daily candles since 2021. This uptick pushed
BTC
’s market cap to a substantial $1.75 trillion, highlighting its status as a financial powerhouse amid the ongoing bull market.


At press time,
BTC
is coasting along in the $88.6K range after reaching nearly $89,643.
With bitcoin’s price inching closer to the $90,000 milestone, analysts and investors alike are closely watching whether it can maintain its gains. Today’s surge came alongside notable trading volume, as bitcoin saw $132.84 billion in transactions within 24 hours. A significant number of
BTC
short positions were liquidated during the price increase, totaling more than
$196 million
in losses for bearish traders.
Meanwhile, bitcoin futures open interest remains robust, currently at
$53.42 billion
, signaling sustained investor interest in the crypto’s trajectory. Interest from institutional investors is also mounting, as the 12 spot bitcoin
exchange-traded funds
(ETFs) recorded $7.14 billion in settled trades today.
This level of
institutional engagement
is seen by market observers as a potential indicator of prolonged strength for
BTC
, particularly as spot ETFs offer a more accessible gateway for traditional finance to enter the digital asset space. The crypto market now waits to see if bitcoin can cross the $90,000 threshold, which would mark a new era of highs. Another $10K and
BTC
will cross the five-digit chasm into the six-digit realm.