Bitcoin exceeds $70,000 threshold and attains market capitalization of $1.38 trillion.
Bitcoin (BTC) has rebounded above the $70,000 mark after experiencing 11 days of significant price volatility. As of now, 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, and its daily trading volume stands at $42.7 billion.
The recent rally in Bitcoin’s price has also 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.
Santiment, a data provider, has reported a significant surge in whale transactions involving at least $100,000 worth of BTC. In the past 24 hours, the number of such transactions has increased by 50.7%, rising from 8,233 to 12,404 unique transactions per day.
Furthermore, Bitcoin’s total open interest (OI) has also witnessed a substantial increase, with a rise 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 result in higher price volatility.
On the other hand, data indicates a rise in trades betting on a further price surge for Bitcoin. Santiment states that the total BTC funding rate, aggregated 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, who wrote “Rich Dad, Poor Dad,” predicts that the price of BTC could surpass the $100,000 mark by September of this year. Kiyosaki has also expressed his intention to purchase 10 more Bitcoins before April.
Despite the current overheated market conditions, the Bitcoin Relative Strength Index (RSI) has been consistently declining over the past three weeks. Santiment’s data reveals 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 Binance, one of the largest cryptocurrency exchanges, in the country.
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