As the European markets woke up to a new week, Bitcoin investors were greeted with a wave of optimism that quickly translated into a significant price surge.

In a remarkable hour of trading, Bitcoin's value soared, reaching a new all-time high of $71,000. This latest peak represents not just a milestone for the cryptocurrency but also a 3% increase in its value for the day, culminating in an impressive 11.3% gain over the week.

The ripple effects of this surge were immediately felt across the market, with approximately $50 million worth of leveraged positions being liquidated.

Shorts bore the brunt of this liquidation, with $44 million worth of short positions being wiped out. Data gleaned from CoinGlass highlights that a majority of these liquidations occurred on the OKX exchange, indicating a strong bullish sentiment among traders.

Bitcoin wasn't the only cryptocurrency that enjoyed the limelight. Ethereum also recorded a significant uptick, briefly touching the $4K mark before settling at $3980. With a 14.5% increase for the day, Ethereum's performance underscores the widespread bullish momentum that is currently sweeping the crypto market.

In addition to Bitcoin and Ethereum, Binance coin too registered impressive gains. Over the past 24 hours, it surged by 6.2%, and over the week, it has seen an astonishing 27.7% increase. This broad-based rally across different cryptocurrencies suggests a robust confidence among investors and traders in the digital asset space.

This surge in Bitcoin and other major cryptocurrencies marks a pivotal moment for the market, potentially ushering in a new era of trading dynamics and valuation benchmarks.

As digital assets continue to gain mainstream acceptance and attract institutional interest, the trajectory of cryptocurrencies remains a key area to watch for both seasoned investors and newcomers alike.