Bitcoin Surges Past $70,000 Threshold with Market Capitalization Exceeding $1.38 Trillion
Bitcoin (BTC) has rebounded above the $70,000 threshold following an 11-day period of high price volatility. Currently, BTC is trading at $70,500, marking a 5.4% increase in the past 24 hours. The market cap of the flagship cryptocurrency has surpassed $1.38 trillion, and its daily trading volume stands at $42.7 billion.
This surge in BTC’s price has had a positive impact on the overall global crypto market capitalization, which has increased by 5.4% to approximately $2.83 trillion, according to data from CoinGecko.
Whale transactions involving at least $100,000 worth of BTC have seen a significant uptick of 50.7% in the past 24 hours, rising from 8,233 to 12,404 unique transactions per day, as reported by Santiment.
Furthermore, Bitcoin’s total open interest (OI) has also experienced a notable rise of $800 million. Santiment’s data reveals that the total BTC OI has increased from $11 billion to $11.8 billion in the past day. Such increases in whale activity and open interest usually lead to higher price volatility.
On the other hand, data indicates that there has been an increase in the number of trades speculating on a further price surge for Bitcoin. Santiment reports that the total BTC funding rate, aggregated from all exchanges, has jumped from 0.01% to 0.02%. This indicates traders’ optimism about an upcoming BTC price surge as the fourth Bitcoin halving approaches.
Renowned author Robert Kiyosaki, known for “Rich Dad, Poor Dad,” has expressed his belief that the BTC price could surpass the $100,000 mark by September this year. Kiyosaki has also announced his intention to purchase an additional 10 Bitcoins before April.
Interestingly, despite the current market 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. However, this decline is seen as a positive sign, indicating that Bitcoin is in a favorable position for a potential price surge.
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