Bitcoin Destroys $115,000: $370 Million in Shorts Crushed, Altcoins Finally Wake Up

The total crypto market cap is back to $4 trillion.

Bitcoin’s rally that started on Sunday following promising news on the US-China trade deal front only intensified during Asian trading hours on Monday morning as the value shot to a two-week high.

Many altcoins have impressively followed suit, hurting over-indebted short traders.

Recall that the primary cryptocurrency had calmed down on Saturday after a volatile week, during which it recorded some moves from $6,000 to $8,000. However, by the start of the weekend it had returned to the consolidation phase around $111,000, but the first signs of a possible breakout were starting to emerge.

On Sunday, US Secretary Bessent hinted at a possible deal between his country and Beijing, which could be announced later this week after the presidents of the two superpowers met in Europe.

This had an immediate impact on the price of BTC, which rose past $112,000 and $113,000. Gains lingered for several hours, but the bulls returned as Asia woke up earlier today. Bitcoin went on the run again, claiming $114,000 and $115,000. The peak, at least for now, is $115,600, the highest level since October 14.

Most altcoins are participating, including ETH, which has risen more than 7% and is now trading above $4,200. SOL has reclaimed the $200 mark after a 5.5% daily increase, while ADA is near $0.70 after a 4.7% increase. ZEC has risen by more than 24%, followed by PI, IP, ENA and HYPE.

These impressive gains over the past day have had a profound effect on short futures traders, with more than $370 million worth of such positions being wiped out every day. In total, nearly 110,000 merchants have gone bankrupt since yesterday, according to data from CoinGlass.

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