The price of Bitcoin, the largest cryptocurrency, hit a new all-time high of $75,080 at 3:08 UTC on the Bitstamp exchange.
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It has since given up some gains, currently trading slightly above the $74,000 level.
The leading cryptocurrency surged by more than 6% on Tuesday after experiencing a severe drop earlier this month.
According to data provided by cryptocurrency analytics firm CoinGlass, more than $350 million worth of short positions got liquidated over the past 24 hours. Binance, OKX, and HTX are among the top exchanges by total liquidations.
Notably, a whale shorting Bitcoin (BTC) recently got liquidated for nearly $75 million following Bitcoin's massive surge.
According to CryptoQuant Ki Young Ju, U.S. Bitcoin market sentiment has managed to recover after an entire month of negative premium.
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Bitcoin's previous record high was set back in March following the launch of various spot ETFs in the U.S. Bitcoin came close to recording a new lifetime peak last week. However, back then, it faced a sharp rejection. Now, the bulls have finally managed to a find a footing above the $73,000 resistance level.
The cryptocurrency's market cap is currently approaching $1.5 trillion, which makes it one of the most valuable assets.
Other major cryptocurrencies have also surged substantially higher, according to CoinGecko data. Solana (SOL) is up by more than 15%.
Dogecoin (DOGE), the leading cryptocurrency by market capitalization, has vastly outperformed the broader market, surging by 27%.
Bitcoin, Ethereum, Solana, and Dogecoin are among the top cryptocurrencies when it comes to liquidations.
Meanwhile, the shares of MicroStrategy (MSTR) are up by more than 10% in pre-market trading.
