Top Reasons Why the Crypto Market is Up Today

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The total crypto market cap surged by around 3 percent in the last 24 hours, led by Bitcoin (BTC, to hover around $2.91 trillion on Monday, November 11, during the early European session. The cryptocurrency market has signalled the return of the bull market after consolidating in the past eight months.

Moreover, Bitcoin price surged to a new all-time high (ATH) of about $81,800 earlier today, thus registering the largest weekly close of over $14k in length 

Factors that Contributed to the Crypto Rally Today Crypto Short Squeeze

The cryptocurrency market registered palpable gains in the last 24 hours, largely attributed to a major short squeeze. With over $624 million liquidated from the crypto market, more leveraged crypto traders have been attempting to long Bitcoin and the altcoin market to capitalize on the ongoing bullish breakout.

As a result, the crypto market could run further in the coming weeks, fueled by FOMO traders attempting to pump prices higher.

High Demand from Institutional Investors