Bitcoin Reaches New ATH At IDR 1.37 Billion Per Coin Level, Dogecoin Rises

JAKARTA - Bitcoin (BTC) experienced an extraordinary price spike in Asia's recent trading session, hitting $89,000 before correcting it to $87,000. This price increase also extended BTC growth by 32% in a week.

However, this high volatility resulted in a massive liquidation of around 700 million US dollars (Rp10.85 trillion) in future contracts, with 380 million US dollars (Rp5.89 trillion) from short positions and 290 million US dollars (Rp4.49 trillion) from long positions.

Dogecoin (DOGE) also skyrocketed by more than 40%, reaching Rp6,355 after investor attention increased due to the closeness of its main supporter, Elon Musk, with the elected US President, Donald Trump. The increase in DOGE brings fresh air to asset holders, especially as Musk is known to often give positive sentiment to this currency.

According to Coinglass data, BTC futures contracts were liquided by 200 million US dollars (Rp 3.1 trillion) in short positions, while short positions on Ethereum (ETH) recorded a loss of around US$40 million (Rp620 billion). Apart from BTC and DOGE, several other crypto assets such as Solana (SOL) and Aptos (APT) also felt the impact of market volatility, with losses of more than US$25 million (Rp387.5 billion) on their respective futures contracts.

Analysts estimate that Republican win in the US election could have a positive impact on the crypto market. They predict that crypto market capitalization could jump to 10 trillion US dollars (Rp155,000 trillion) by the end of 2026, with a Bitcoin price target of 100,000 US dollars (Rp1.55 billion) by the end of this year.

However, traders remain alert to possible price corrections, especially if BTC penetrates the psychological level of 90,000 US dollars (Rp1,395 billion) which could trigger massive sell-offs. At the time of writing, the price of Bitcoin was trading at the level of Rp1.4 billion per coin based on CoinGecko data at 15:48 WIB, Thursday 12 November 2024.