Bitcoin surpasses $70,000 milestone with a market capitalization of $1.38 trillion.
Bitcoin (BTC) has rebounded above the $70,000 threshold following an 11-day period of high price volatility. As of now, BTC is up by 5.4% in the last 24 hours and is currently trading at $70,500. The market cap of the flagship cryptocurrency is slightly above $1.38 trillion, with a daily trading volume of $42.7 billion.
The recent price rally of Bitcoin has also had a positive impact on the global crypto market capitalization, which has increased by 5.4% and is now hovering around $2.83 trillion, according to data from CoinGecko.
Data provided by Santiment reveals that whale transactions involving at least $100,000 worth of BTC have surged by 50.7% in the past 24 hours, going from 8,233 to 12,404 unique transactions per day.
Furthermore, Bitcoin’s total open interest (OI) has also experienced significant growth, with an increase of $800 million. Santiment’s data shows that the total BTC OI has risen from $11 billion to $11.8 billion in just one day.
Typically, higher price volatility is expected when there is a sudden increase in whale activity and open interest for an asset. Conversely, data indicates that the number of trades betting on a further price surge for Bitcoin has also increased. Santiment reports that the total BTC funding rate, which aggregates data from all exchanges, has risen from 0.01% to 0.02%.
This suggests that traders are optimistic about a potential price surge for Bitcoin as the fourth Bitcoin halving approaches. Robert Kiyosaki, the author of “Rich Dad, Poor Dad,” has even expressed his belief that the BTC price could surpass the $100,000 mark by September and has announced his intention to purchase 10 more Bitcoins before April.
Despite the current overheated market conditions, the Bitcoin Relative Strength Index (RSI) has shown a consistent decline over the past three weeks. Santiment’s data indicates that the BTC RSI has dropped from 49 to 47 in the last 24 hours. However, this indicator suggests that Bitcoin is in a favorable position for a potential price surge.
In other news, regulatory watchdogs in the Philippines have announced plans to block access to Binance, a popular cryptocurrency exchange. To stay updated on the latest developments, follow us on Google News.
