Bitcoin Market Skyrockets, Reaching New All-Time Highs
The cryptocurrency market is experiencing a surge, with Bitcoin setting new all-time highs on Monday. Data from IntoTheBlock reveals a significant increase in large transaction volume (52.5%) and daily active addresses (18.4%). Notably, transactions exceeding $100,000 jumped from 6,787 to 10,856 within a single day, while exchange netflows declined by 67.1%. Interestingly, 100% of Bitcoin holders are currently in profit.
Coinglass data reports that 193,370 traders faced liquidations in the past 24 hours, amounting to $681.83 million. The open interest of $48.6 billion marks the highest level in over a year. Additionally, Bitcoin Archive reported that Bitcoin ETFs witnessed a staggering $1 billion in trading volume within just 35 minutes.
Amidst this market frenzy, Donald Trump's pro-crypto stance has sparked optimism within the industry, suggesting a potential "golden era" for cryptocurrencies. Meanwhile, FTX has filed a lawsuit against Binance and its former CEO, Changpeng "CZ" Zhao, seeking to reclaim $1.8 billion amidst the ongoing bankruptcy proceedings.
With Bitcoin prices surpassing the $87,000 mark, More Crypto Online predicts a high likelihood of the cryptocurrency reaching its long-term target zone of $100,000 to $130,000. However, Michaёl van de Poppe warns of a potential trend reversal indicated by a bearish divergence on the BTC chart.
Santiment data reveals that whale and shark wallets holding at least 10 BTC have accumulated a total of 234,150 bitcoins over the past year, currently valued at $19.76 billion. The platform attributes the price surge to the continued confidence and accumulation from these large stakeholders.
"prices can climb as long as whales continue buying more and the retail crowd keeps selling them their cheap coins during small dips."
Income Sharks draws a parallel to historical patterns, highlighting similarities to the election years of 2016 and 2020.
The upcoming Future of Digital Assets event on November 19th, hosted by Benzinga, is expected to delve into the growing influence of Bitcoin as an institutional asset class. Additionally, Peter Schiff predicts that a US Bitcoin reserve could "destroy the dollar," although he considers it highly unlikely.