Bitcoin surpasses the $70,000 threshold and achieves a market capitalization of $1.38 trillion.
Bitcoin (BTC) has rebounded above the $70,000 level 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 trading at $70,500. The market cap of the flagship asset has surpassed $1.38 trillion, and the daily trading volume stands at $42.7 billion.
The recent price rally of Bitcoin has not only affected its own value but has also brought bullish momentum to the global crypto market capitalization, which currently stands at around $2.83 trillion, marking a 5.4% increase.
Data from CoinGecko reveals that the surge in Bitcoin’s price has led to a significant increase in whale transactions. In the past 24 hours, the number of whale transactions, which consist of at least $100,000 worth of BTC, has surged by 50.7%, rising from 8,233 to 12,404 unique transactions per day.
Additionally, the total open interest (OI) of Bitcoin has also witnessed a notable increase of $800 million. According to Santiment data, the total BTC OI has risen from $11 billion to $11.8 billion in just one day. Such increases in whale activity and open interest often lead to higher price volatility.
On the other hand, data indicates that there has been a rise in trades predicting a further price surge for Bitcoin. The total BTC funding rate, aggregated from all exchanges, has jumped from 0.01% to 0.02%, suggesting that traders are optimistic about Bitcoin’s price surge as the fourth Bitcoin halving approaches.
Renowned author Robert Kiyosaki, best known for his book “Rich Dad, Poor Dad,” believes that the price of BTC could surpass the $100,000 mark by September 2022. Kiyosaki has also expressed his intention to purchase 10 more Bitcoins before April.
Despite the overheated market conditions, the Bitcoin Relative Strength Index (RSI) has been consistently declining over the past three weeks. According to Santiment data, the BTC RSI has decreased from 49 to 47 in the past 24 hours. However, this decline in RSI indicates that Bitcoin is in a favorable condition for a potential price surge.
