The bitcoin rate today reached another historic maximum, at 07:20 Moscow time, exceeding the level of $ 35,000 and rising to $ 35,879 on Bitstamp. The growth in the last day was another 15%, and in 30 days already 83%. After a solid two-day jump early in the year, it occupied a sideways channel, leaving traders wondering what the next move would be.
CryptoQuant noted that the implied leverage has declined in recent days. Thus, during the recent depreciation to $ 27,700, the market was able to get rid of the overheating of margin positions, the threat of which analysts spoke of. At the same time, CryptoQuant itself noted that a decrease in leverage indicates the uncertainty and fears of traders regarding the next movement. With the onset of the rally, however, margin positions began to return quickly.
CryptoQuant CEO Ki Yong Joo also said that there was an influx of stablecoins on the exchanges before today’s jump. According to him, the indicator predicted the latest upward movements of 1 to 5% quite accurately.
Over the past week, another important indicator was the formation of a higher bitcoin price on Coinbase compared to other exchanges, indicating an increased demand from buyers on it. Also on January 5, an inflow of $ 60 million in bitcoin was seen on the South Korean exchange Bithumb. Thus, taking into account the direction of the latter movement, it can be argued that Western buyers have outplayed Asian sellers at this stage.
“It’s pretty simple,” said Matt Kay, managing partner at Blockhead Capital. – There are more buyers than sellers in the spot market. This comes at the beginning of a year that is likely to transform US fiscal policy for the next decade. ”
The number of whales with at least 1,000 BTC in their wallets hit a new high of 2,323 on Tuesday, according to analyst firm Santiment.
“There is probably no more remarkable bullish metric than one that indicates an increase in the number of holders from $ 33.7 + million,” analysts write.
According to Asset Dash, at a capitalization of $ 675 billion, Bitcoin is the eighth largest asset in the world, ranked above Alibaba Group Holding and below Tesla. About two weeks ago on this list, the cryptocurrency bypassed Visa, and then Warren Buffett’s Berkshire Hathaway. Ethereum, according to the portal, is ranked 74th, with a capitalization of $ 132 billion, surpassing companies such as Sony Corporation, Citigroup and Morgan Stanley.
Air over the past 24 hours has also grown by 10%, while Stellar has gained all 60%. Against this background, the total capitalization of the cryptocurrency market reached $ 966 billion, approaching the trillion mark for the first time.
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