Bitcoin surpasses the $70,000 milestone and achieves a market capitalization of $1.38 trillion.
Bitcoin (BTC) has rebounded above the $70,000 threshold after experiencing 11 days of intense price fluctuations. As of now, the cryptocurrency is up by 5.4% in the past 24 hours and is currently trading at $70,500. Its market cap stands slightly above $1.38 trillion, accompanied by a daily trading volume of $42.7 billion.
The recent surge in Bitcoin’s price has had a positive impact on the overall market capitalization of the global crypto industry, which has increased by 5.4% and now hovers around $2.83 trillion, as reported by CoinGecko.
According to data provided by Santiment, the number of whale transactions involving at least $100,000 worth of BTC has spiked by 50.7% in the past 24 hours. The daily number of these transactions has risen from 8,233 to 12,404.
Furthermore, Bitcoin’s total open interest (OI) has also experienced a substantial increase, growing by $800 million. Santiment’s data reveals that the total BTC OI has surged from $11 billion to $11.8 billion in just one day. Such sudden spikes in whale activity and open interest often lead to higher price volatility.
Conversely, data indicates that the number of trades betting on a further increase in Bitcoin’s price has also risen. Santiment reports that the total BTC funding rate, which is aggregated from all exchanges, has jumped from 0.01% to 0.02%. This indicates that traders are optimistic about a potential price surge as the fourth Bitcoin halving approaches.
Renowned author Robert Kiyosaki, known for his book “Rich Dad, Poor Dad,” predicts that the price of BTC could surpass the $100,000 mark by September of this year. Kiyosaki has also publicly expressed his intention to purchase an additional 10 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 decreased from 49 to 47 in the past 24 hours. This indicator suggests that Bitcoin is in a favorable position for a potential price surge.
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