Blue-Chip Investors Drive Bitcoin’s Recent Price Action, Says Analyst
A popular crypto analyst suggests that recent on-chain activity indicates that blue-chip investors are behind Bitcoin’s latest price surge. According to Ali Martinez, there has been a noticeable decline in the daily creation of new BTC addresses, indicating that institutions are primarily responsible for the recent price movement of BTC. Retail traders, on the other hand, seem to be waiting on the sidelines. BTC is currently trading at $52,048 and has seen a 10% increase in the past week and a 22% increase in the past month. Martinez also notes that Bitcoin’s open interest across all exchanges has reached $13.57 billion, its highest level since April 2022.
In addition, Bitcoin whales have purchased over 100,000 BTC worth about $5 billion in the past ten days. Moving on to other crypto assets, Martinez predicts that Cardano (ADA), Ethereum’s rival, could break out earlier than expected. He anticipates ADA rising to $0.80, retracing to $0.60, and then entering a bull run towards $8 by January 2025. ADA is currently trading around $0.596 and has seen a more than 10% increase in the past week.
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