As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed countless bull and bear runs, market crashes, and record-breaking highs. The current surge in Bitcoin to $93,000 is undeniably impressive, and I can’t help but feel a sense of deja vu.
Bitcoin recently reached a new high of $93,000, placing it only $7,000 shy of the much-anticipated $100,000 mark that cryptocurrency enthusiasts have been speculating would be hit by the end of the year.
As reported by CoinMarketCap, the value of cryptocurrencies has increased by 5% today, reaching an impressive market capitalization of approximately $1.8 trillion. However, there’s been a significant decrease of around 30% in trading volume, with transactions amounting to $108 billion.
In recent times, there’s been a surge of active trading for the cryptocurrency, particularly on Binance and Pionex exchanges. Over the past day, Binance has recorded more than $6 billion in trading volume, while Pionex follows closely with approximately $4 billion.
Instead of viewing the increase as a chance to cash out, some consider it as a moment for purchasing. As per a tracker on platform X (formerly Twitter), several big Bitcoin investors (whales) have been buying BTC during recent price drops. In total, these five whales have bought 952 BTC, which is approximately $83.7 million in value.
Significantly, Tether increased the supply of USDT by an additional $1 billion, which appears to have boosted Bitcoin’s price. As reported by Lockonchain, within the last five days, Tether has produced a total of $5 billion in new USDT, introducing substantial liquidity to the cryptocurrency market.
Presently, other prominent cryptocurrencies are also experiencing an uptrend. Dogecoin (DOGE) has skyrocketed by 14%, reaching $0.4218. Ethereum is showing a 1.58% increase, while Solana and SUI have risen by 2.92% and 12% respectively. Interestingly, the entire crypto market is seeing growth at this time.
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2024-11-13 19:48