Bitcoin's Surge Drives Market to Record Highs

比特币的飙升推动市场创下历史新高

Bitcoin's price recently reached an all-time peak of $89,000 on November 12, leading to substantial losses for traders who had anticipated a decline in prices.

比特币的价格最近在 11 月 12 日达到了 89,000 美元的历史最高点，导致预期价格下跌的交易者遭受了巨额损失。

This single-day surge of over 10% eliminated more than $700 million in "short" trades initiated by over 173,000 traders, including a significant individual trade worth $15.70 million on Binance, as per data from CoinGlass.

根据 CoinGlass 的数据，超过 10% 的单日涨幅消除了超过 173,000 名交易者发起的超过 7 亿美元的“空头”交易，其中包括币安上价值 1570 万美元的重大个人交易。

Investor sentiment remains bullish, as evidenced by the "Fear and Greed Index" reaching "Extreme Greed" with a score of 85. This elevated level indicates that many investors are anticipating substantial profits, but it also suggests a higher risk tolerance among them.

投资者情绪依然看涨，“恐惧与贪婪指数”达到“极度贪婪”，得分为85分。这一较高水平表明许多投资者预计将获得丰厚利润，但也表明他们的风险承受能力较高。

Crypto Market Expansion

加密货币市场扩张

Riding on Bitcoin's momentum, the overall crypto market witnessed a 9.6% increase, surpassing $3 trillion in value, with Bitcoin accounting for approximately 59% of this sum.

借助比特币的势头，整个加密货币市场增长了 9.6％，价值超过 3 万亿美元，其中比特币约占其中的 59％。

Dogecoin's Gains

狗狗币的收益

Beyond Bitcoin, Dogecoin (DOGE) experienced a remarkable 48% price surge within a single day, marking its fourth consecutive day of gains. Over the preceding week, it has increased by 150%, bringing it closer to the $1 mark. Dogecoin futures trading volume reached $68 million in just 24 hours, reflecting investor speculation about its future value.

除了比特币之外，狗狗币 (DOGE) 的价格在一天内飙升了 48%，这是连续第四天上涨。过去一周，它上涨了 150%，接近 1 美元大关。狗狗币期货交易量在短短 24 小时内就达到了 6800 万美元，反映出投资者对其未来价值的猜测。

Cautionary Notes

注意事项

Amidst this market enthusiasm, some crypto experts are urging caution. Kris Marszalek, CEO of Crypto.com, emphasized that "leverage needs to be cleaned up before [Bitcoin's] attack on $100K."

在市场热情高涨的情况下，一些加密货币专家敦促谨慎行事。 Crypto.com 首席执行官 Kris Marszalek 强调，“在[比特币]攻击 10 万美元之前，需要清理杠杆。”

This implies that to sustain a healthy price rise, the market may require a brief cooling-off period to reduce the amount of borrowed funds driving these trades. Bitcoin's current leverage ratio, indicating the extent of borrowed capital used in trading, has reached a one-year high of 0.217, as reported by CryptoQuant.

这意味着，为了维持健康的价格上涨，市场可能需要短暂的冷静期，以减少推动这些交易的借入资金量。据 CryptoQuant 报道，比特币当前的杠杆率（表明交易中使用借入资金的程度）已达到 0.217 的一年高点。

Similarities to Recent Market Trends

与近期市场趋势的相似之处

Meanwhile, the "Extreme Greed" sentiment is reminiscent of the situation in April 2021, when similar exuberance led to a decline in Bitcoin's price from over $69,000 to around $56,500 within a few weeks. Nonetheless, investors remain optimistic in light of Donald Trump's recent re-election, as he is widely perceived as supportive of the crypto markets.

与此同时，“极度贪婪”的情绪让人想起 2021 年 4 月的情况，当时类似的繁荣导致比特币的价格在几周内从 69,000 美元以上跌至 56,500 美元左右。尽管如此，鉴于唐纳德·特朗普最近的连任，投资者仍然保持乐观，因为人们普遍认为他支持加密货币市场。

Additional Reading:

补充阅读：

• Germany Missed $1.7 Billion Profit by Selling 50,000 Bitcoin

德国因出售 50,000 枚比特币而损失了 17 亿美元的利润