Bitcoin breaches $70,000 milestone with a market capitalization of $1.38 trillion.
Bitcoin (BTC) has rebounded above the $70,000 level following a tumultuous 11-day period characterized by high price volatility.
At the time of writing, BTC is trading at $70,500, representing a 5.4% increase in the past 24 hours. The flagship cryptocurrency’s market capitalization stands slightly above $1.38 trillion, with a daily trading volume of $42.7 billion.
Bitcoin’s recent price rally has instilled bullish momentum in the global crypto market capitalization, which has increased by 5.4% to around $2.83 trillion, according to data from CoinGecko.
Whale transactions involving at least $100,000 worth of BTC have seen a significant surge of 50.7% over the past 24 hours, rising from 8,233 to 12,404 unique daily transactions, as reported by Santiment.
Additionally, Bitcoin’s total open interest (OI) has experienced an $800 million uptick. Santiment’s data reveals that the total BTC OI has risen from $11 billion to $11.8 billion in the past day.
Typically, higher price volatility is expected when there is a sudden increase in whale activity and open interest.
On the other hand, data indicates 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 risen from 0.01% to 0.02%.
This suggests that traders are optimistic about a potential price surge as the fourth Bitcoin halving draws nearer.
Renowned author of “Rich Dad, Poor Dad,” Robert Kiyosaki, believes that the price of BTC could surpass the $100,000 mark by September of this year. Kiyosaki has also expressed his intention to purchase an additional 10 Bitcoins before April.
Interestingly, despite the overheated market conditions, the Bitcoin Relative Strength Index (RSI) has consistently declined over the past three weeks.
Santiment’s data reveals that the BTC RSI has dropped from 49 to 47 in the past 24 hours. This indicates that Bitcoin is in a favorable condition for a potential price surge.
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