Bitcoin Surpasses $41,000 Mark
Bitcoin (BTC) has achieved a significant milestone by surpassing the $41,000 mark for the first time since the Terra collapse in May 2022. This surge represents a 5.4% increase in the past 24 hours, with BTC currently trading at around $41,520. It also marks a 20-month high for the cryptocurrency, with a market cap of $812.5 billion and a market dominance of 52.7%.
Increase in Daily Trading Volume
With this price surge, Bitcoin’s daily trading volume has experienced a substantial rally of 49%, reaching $23.6 billion. As reported by crypto analyst IntoTheBlock, this surge has resulted in 80% of BTC holders being in profit, marking a two-year high in terms of profitability.
Active Bitcoin Wallets and Open Interest
The number of active Bitcoin wallets has also seen a significant rise of 6.4% over the past 24 hours, increasing from approximately 863,600 to 919,410 daily active addresses. Additionally, Bitcoin’s total open interest has shown slight upward momentum as the price exceeded $40,000 earlier today. At present, BTC’s total open interest stands at $7.56 billion.
Funding Rate and Whale Activity
Data from Santiment reveals that long-position holders are dominating Bitcoin as the total funding rate reaches 0.008%. This indicates that investors are predominantly longing the asset. However, whale activity has been on a decline over the past four days, with the number of whale transactions dropping by 36% to reach 6,786 unique transactions in the last 24 hours.
Predictions for Bitcoin Price
Crypto analyst Ivan On Tech on YouTube predicts that the price of Bitcoin could potentially reach the $50,000 mark before the end of the year.
Hot Take: Bitcoin Surpasses $41,000 Mark, Reaching a 20-Month High
Bitcoin has broken through the $41,000 resistance level, achieving its highest price in 20 months. This surge in value has resulted in significant profitability for BTC holders, with 80% of them now in profit. The increase in daily trading volume and active addresses indicates growing interest and participation in the cryptocurrency market. While long-position holders dominate the asset, whale activity has been declining. As Bitcoin continues to gain momentum, there are predictions that it may even reach $50,000 by the end of the year.
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