Bitcoin surpasses $70,000 milestone and achieves a market capitalization of $1.38 trillion.
Bitcoin (BTC) has rebounded above the $70,000 threshold after experiencing 11 days of high price volatility. At the time of writing, BTC is up by 5.4% in the past 24 hours and is currently trading at $70,500. The market cap of the flagship cryptocurrency has surpassed $1.38 trillion, accompanied by a daily trading volume of $42.7 billion.
The recent price rally of Bitcoin has not only impacted its value but has also brought bullish momentum to the global crypto market capitalization, which has increased by 5.4% and is now hovering around $2.83 trillion, according to data from CoinGecko.
Whale transactions involving at least $100,000 worth of BTC have witnessed a significant surge of 50.7% in the past 24 hours, with the number of unique transactions per day rising from 8,233 to 12,404, as reported by Santiment.
Additionally, Bitcoin’s total open interest (OI) has seen a notable increase of $800 million. Santiment’s data reveals that the total BTC OI has surged from $11 billion to $11.8 billion within a day. Such sudden increases in whale activity and open interest often lead to higher price volatility.
On the flip side, data indicates that the number of trades betting on a further price surge for Bitcoin has risen. Santiment reports that the total BTC funding rate from all exchanges has jumped from 0.01% to 0.02%. This suggests that traders are optimistic about a price surge as the fourth Bitcoin halving approaches.
Renowned author Robert Kiyosaki, known for “Rich Dad, Poor Dad,” believes that the BTC price could potentially exceed the $100,000 mark by September of this year. Kiyosaki has expressed his intent to purchase 10 more Bitcoins before April.
Despite the market’s overheated conditions, the Bitcoin Relative Strength Index (RSI) has been consistently declining over the past three weeks. Santiment’s data shows that the BTC RSI has dropped from 49 to 47 in the past 24 hours. This indicates that Bitcoin is in a favorable position for a potential price surge.
In other news, regulatory watchdogs in the Philippines are planning to block Binance, a leading cryptocurrency exchange. Stay updated with the latest news by following us on Google News.
