Bitcoin surged to a record-breaking $71,500, flipping silver to become the eight largest asset in the world. This latest development has sent a wave of excitement through the cryptocurrency community.
The recent price rally was driven by an increase of investors pouring liquidity into the market, pushing Bitcoin's market capitalization towards $1.4 trillion.
The launch of spot Bitcoin exchange-traded funds (ETFs) is the leading catalyst behind the current price rise. These instruments have gained interest from institutional investors, with trading volumes surpassing $100 billion.
For instance, BlackRock, the world's largest asset manager, witnessed its spot Bitcoin ETF amassing an astounding $10 billion in assets. Other institutions have increased their investment in bitcoin with Microstrategy and Blackrock leading the race.
The recent rise in prices has inspired optimism from leading experts in the industry. The founder of Fundstrat Global Advisors , Tom Lee argued that Bitcoin within the next 12 or 18 months, the prices could hit $150,000.
As the prices increase, miners are taking the opportunity to capitalize on the current market trends.
Equally, there is an increase on the outflows, as miners are continually selling their stock to capitalize on the prices and make profits. The current prices even in average is at all time high for over 6 years.
Despite the rise of new investors and the frenzy surrounding Bitcoin's price rally, long-term holders (LTHs) have remained steadfast in their conviction.
According to Glassnode, long term holders have refused to sell as they have not shown high transfer volume. This shows that the LLHs are committed to holding over a long period.
Looking into the future, the bitcoin prices indicate a continued bullish trend. As bitcoin continues to rise in prices, the crypto market is poised to attract signicant innovation and growth.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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