Bitcoin sets another record above $113,000 as investors jump into risk assets, liquidate shorts

Bitcoin climbed to new all-time high on Thursday, building on its previous record reached just a day earlier, as investors jumped into risk assets and liquidated short positions.

The price of the flagship cryptocurrency was last higher by more than 2% at $113,670.79. Earlier, it rose as high as $113,863.18. Earlier, it rose as high as $113,863.31.

Over the past 24 hours, $318 million in short liquidations have occurred across centralized exchanges, according to CoinGlass. When traders use leverage to short bitcoin and the cryptocurrency’s price rises, they buy bitcoin back from the market to close their positions, which pushes the price up and causes more positions to be liquidated.

Altcoins, or cryptocurrencies other than bitcoin, joined the rally for a second day after many investors had started to lose hope that they would show signs of life this year. Ether and the Solana token gained more than 2% each. Dogecoin and the token tied to Cardano advanced more than 5% each. XRP and litecoin rose 3%.

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