Bitcoin soars by 8% in a matter of minutes, reaching $41,000; Ethereum and Dogecoin are not far behind.

Asian trading hours saw a 7.8 percent increase in the value of Bitcoin (BTC) to $41,632.

A nearly $3,000 rise in the price of the market leader's cryptocurrency pushed its value over $41,000. During this time, the coin saw a 10% increase in trading volume, reaching $31.6 billion at the time of this writing.

Over $32 million worth of digital assets were liquidated in just one hour due to the sudden rise in price. There were $22 million in Bitcoin liquidations alone in these sales.

The vast majority of liquidations on the major crypto exchanges occurred when traders were short positions, according to data from CoinGlass.

Ethereum (ETH) gained 6.5 percent and now trades above $2,700, closely following Bitcoin's upward trend. Dogecoin (DOGE) was trading at $0.1217, up 2.4%. With the exception of LUNA, all of the other major coins saw gains of 5%, 8%, and 16% over the past 24 hours.

Monero (XMR) and Zcash (ZEC), two privacy-focused coins, saw their prices rise by 26% and 19%, respectively, on Wednesday.

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