empty
04.03.2024 02:52 PM
Bitcoin: sudden surge to $65,000, ATH is just around the corner

Bitcoin has surged to levels not seen since November 2021, capturing the attention of both investors and Bitcoin enthusiasts.

Sudden surge

The sudden spike on March 4, 2024, propelled Bitcoin above $65,500, just steps away from its all-time high (ATH) of $69,000. Despite a slight dip, BTC is currently trading around $65,022, with only a 6% gap remaining to reach the peak. Trading volume surged by 80%, reaching $40 billion, indicating a resilient and increasingly active market.

Cryptocurrency market sentiment, measured by the Fear and Greed Index, reached 82 points, signifying "extreme greed." This slight decrease from previous levels suggests that while the market is optimistic, investors may maintain cautious optimism. The index, ranging from 76 to 100 in such scenarios, often reflects FOMO (Fear of Missing Out) sentiments prevailing among traders and investors.

This image is no longer relevant

Bitcoin solves many problems in the monetary system

In a recent interview, Tom Lee, a well-known Bitcoin advocate and co-founder of Fundstrat Global Advisors, shared his insights into the future of the leading cryptocurrency. Lee's optimistic stance on Bitcoin since its early days has proven generally accurate.

A decade ago, when BTC was in its infancy and primarily used by a small group, Lee saw its potential despite the skepticism surrounding Bitcoin at the time. Even when it was worth just a few hundred dollars, he remained optimistic.

When asked what he sees in Bitcoin that others don't, Lee emphasized that Bitcoin addresses many issues in the monetary system:

"Bitcoin is a trustless blockchain, and yet there has never been a fraudulent record. This is a remarkable achievement, especially considering that 6% of all transactions from a traditional bank were suspicious over the same 14-year period."

Lee also noted that the value of the Bitcoin network is relatively easy to model based on the number of wallets actively using the network. This Metcalfe's Law-based model suggests that the network's utility will increase as the user base grows. According to Lee, this model still explains over 90% of Bitcoin's movements.

While the current number of people with Bitcoin wallets is in the millions, Lee believes this figure could reach hundreds of millions or even billions.

"So there's still upside potential from here," concluded the analyst.

More than 97% of wallet addresses are generating profits

According to data from the on-chain data platform IntoTheBlock, the recent surge in Bitcoin's value has led to a significant increase in the number of wallet addresses holding unrealized profits. According to the platform's data, the share of these wallet addresses has exceeded 97%, reaching a record level.

Recent data reveals that over 97% of Bitcoin wallet addresses are currently in a profitable state. Being "in profit" means that the average purchase price of these wallet addresses is below the current market price, which is approximately $65,000.

This metric corresponds to the highest level since November 2021, when Bitcoin reached its all-time high of around $69,000.

For a wallet address to be profitable, the market price of BTC must surpass the average purchase price of that wallet address. When this occurs, the wallet address is considered "profitable."

This indicates that the majority of Bitcoin investors acquired their coins at prices lower than the current market value. IntoTheBlock also noted that these data points suggest a reduction in selling pressure, as a significant percentage of wallet addresses are currently generating profits.

The platform also highlighted that newcomers entering the market and purchasing BTC are essentially buying from existing users who have already profited from their investments. This dynamic could contribute to strengthening the current positive market sentiment and continuing the ongoing trend of rising Bitcoin prices.

Rally gains momentum thanks to spot ETFs

Bitcoin has shown a noticeable upward trend this year, adding a 54% increase on top of the 154% growth recorded in 2023. Market observers attribute the price surge primarily to a strong inflow into spot exchange-traded funds (ETFs) approved in the United States in January.

The approval of spot ETFs on Wall Street has shifted the supply and demand dynamics in favor of bulls and potentially paved the way for new rallies that could propel Bitcoin to new record levels.

Alongside Bitcoin, the overall cryptocurrency market has also experienced positive dynamics. Many altcoins have gained value at rates up to 50% and even exceeding 100% since the beginning of the year.

Pilih carta masa
5
min
15
min
30
min
1
jam
4
jam
1
hari
1
minggu
Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
Muat turun MetaTrader 4 dan buka dagangan pertama anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    SERTAI PERADUAN

Artikel yang dicadangkan

Analisis Teknikal Pergerakan Harga Intraday Matawang Kripto Doge, Jumaat 23 Mei 2025.

Pergerakan harga mata wang kripto Doge pada carta 4 jam menunjukkan bahawa ia sedang bergerak di atas WMA (21) yang mempunyai cerun menaik, manakala penunjuk Pengayun Stochastic pula bersedia untuk

Arief Makmur 09:04 2025-05-23 UTC+2

Analisis Teknikal Pergerakan Harga Harian Matawang Kripto Ripple, Jumaat 23 Mei, 2025.

Jika kita melihat carta 4-jam bagi mata wang kripto Ripple, ia kelihatan bergerak di atas WMA (21) yang mempunyai cerun curam dan berjaya menembusi Tahap Nilai Tinggi (kuning) dan kemudian

Arief Makmur 09:04 2025-05-23 UTC+2

Ramalan Bitcoin untuk 23 Mei 2025

Pada hari Khamis, harga Bitcoin telah mencapai paras sasaran 111,770. Pengayun Marlin kelihatan tertinggal di belakang pergerakan harga, memberikan gambaran kemungkinan berlaku perbezaan arah (divergence) — walaupun dalam bentuk yang

Laurie Bailey 04:45 2025-05-23 UTC+2

Bitcoin menyasarkan paras $120,000? Apakah yang mendorong kenaikan ini dan bilakah pembetulan harga dijangka berlaku

Pada 22 Mei, Bitcoin dengan yakin berjaya melepasi tahap $111,888, mencatat rekod tertinggi baharu pada $111,867. Tidak seperti kenaikan sebelum ini yang dicirikan oleh kegembiraan pelabur runcit, kali ini tingkah

Ekaterina Kiseleva 16:12 2025-05-22 UTC+2

Bitcoin meneruskan kenaikan dengan yakin

Tuntutan terhadap Bitcoin nampaknya semakin meningkat, berdasarkan prestasi terkininya. Pada masa penerbitan, pasangan BTC/USD didagangkan berhampiran 111,200.00, sedikit menurun daripada paras tertinggi hari ini dan sepanjang masa iaitu 111,865.00. Secara

Jurij Tolin 16:02 2025-05-22 UTC+2

Bitcoin: $115,000 — Destinasi Seterusnya atau Perangkap Kenaikan?

Bitcoin secara beransur-ansur menghampiri paras tertinggi sepanjang masanya dan, menurut beberapa penganalisis, bersedia untuk mencipta rekod baru. Paras semasa sekitar $105,000 adalah lebih daripada sekadar angka ia menandakan bahawa aset

Ekaterina Kiseleva 00:58 2025-05-21 UTC+2

Analisis BTC/USD pada 20 Mei, 2025

Corak gelombang pada carta 4 jam untuk BTC/USD telah menjadi lebih kompleks dalam beberapa bulan terakhir. Kami telah menyaksikan struktur menurun pembetulan, yang menamatkan pembentukannya di sekitar tahap 75,000

Chin Zhao 11:11 2025-05-20 UTC+2

Analisis Teknikal Pergerakan Harga Harian Matawang Kripto Ethereum, Jumaat 16 Mei 2025.

Jika kita melihat carta 4 jam, mata wang kripto Ethereum kelihatan bergerak di atas WMA (21) yang bertindak sebagai sokongan dinamik, di mana cerun WMA tersebut sedang menaik. Berdasarkan maklumat

Arief Makmur 06:09 2025-05-16 UTC+2

Analisis Teknikal Pergerakan Harga Harian Kriptowang Uniswap, Jumaat 16 Mei 2025.

Pada carta 4 jam, mata wang kripto Uniswap kelihatan mempunyai corak Descending Broadening Wedge, jadi walaupun pergerakan harga Uniswap berada di bawah WMA (21) yang mempunyai kecenderungan menurun, dengan kemunculan

Arief Makmur 06:09 2025-05-16 UTC+2

Cadangan Dagangan untuk Pasaran Kriptowang pada 9 Mei

Bitcoin telah melepasi $100,000, manakala Ethereum sedang cuba untuk mengukuh di atas $2,000. Selepas kenaikan mendadak semalam, yang berterusan semasa sesi Asia hari ini, Bitcoin kini didagangkan pada $103,000, setelah

Miroslaw Bawulski 09:46 2025-05-09 UTC+2
Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
Panggilan semula Widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.