Whales on the Horizon as Bitcoin Surges Beyond $59k
Bitcoin (BTC) has been on a consistent upward trend in recent days and has just surpassed the $59,000 milestone. As of the time of writing, BTC is up by 4.3% in the past 24 hours and is currently trading at $59,100. The market cap of this leading cryptocurrency has also exceeded $1.15 trillion, with a daily trading volume of $45 billion.
Data provided by Santiment reveals that Bitcoin investors are dominating the crypto social media discussions, focusing on the asset’s bullish momentum. The social volume of BTC has increased by 131% since February 24, indicating growing interest and optimism among investors. The majority of conversations revolve around the terms “60k,” “ATH” (All-Time High), and “bullish,” suggesting that many investors are anticipating new record highs for Bitcoin.
Following the surge in price past the $50,000 mark, whale activity in the Bitcoin market has experienced a significant uptick. Santiment reports that whale transactions, involving at least $100,000 worth of BTC, have more than doubled from 8,267 to 16,885 unique transactions per day since February 24. Such a rapid increase in whale activity often leads to higher volatility in the market.
Bitcoin’s Relative Strength Index (RSI), a popular indicator used to assess an asset’s price momentum, is currently hovering around 80. This indicates that the flagship cryptocurrency is currently experiencing high volatility due to market conditions characterized by greed.
In related news, issuers of spot Ethereum ETFs are scheduled to meet with the SEC in March. Stay updated with the latest developments by following us on Google News.
