As an analyst with over two decades of experience in the financial markets, I must admit that Bitcoin’s current surge is reminiscent of the dot-com boom we witnessed at the turn of the millennium. The parallels are striking – a groundbreaking technology, rapid adoption, and a meteoric rise in price. However, unlike the dot-com bubble that burst spectacularly, Bitcoin seems to be more resilient and has proven its staying power time and again.
Bitcoin has finally breached the $61,000 mark again after a week of bearish consolidations.
In the last 24 hours, Bitcoin (BTC) has increased by 4% and is currently valued at approximately $61,050. Notably, this is the first time its market capitalization has exceeded $1.2 trillion within the past week.
In addition, the daily trading volume of Bitcoin spiked by 49%, amounting to approximately $29 billion. This rise in price has triggered some action among long-term Bitcoin holders. As per Santiment’s data, the amount of Bitcoin that hasn’t been moved for five years increased from 117 coins to 728 coins over the past day.
In the given period, the amount of Bitcoin that hadn’t been active for a year significantly rose from 1,806 coins to 6,759 coins. This suggests that long-term Bitcoin investors may be considering cashing in at the current price level, as they seek potential profits.
According to our market intelligence platform, there has been a significant increase in large-scale Bitcoin transactions (worth over $100,000) over the past 24 hours, rising from 5,041 to 7,565 unique transactions. This surge in whale activity often indicates short-term profit-taking, due to the uptick in trading volume and movements of older Bitcoins.
From my perspective as a researcher, even though the Bitcoin market has experienced a significant surge in price, the Relative Strength Index (RSI) for Bitcoin remains under the 50 threshold. This suggests that Bitcoin might not be overbought at this point, offering potential for further growth.
The strong upward push in Bitcoin’s value has sparked a widespread rise across the entire crypto market. According to CoinGecko, the cumulative value of all cryptocurrencies has grown by approximately 2.8% over the last day and is now standing at around $2.24 trillion.
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2024-08-20 10:56