The Bitcoin Price Surges Above $38,300
The Bitcoin price recently showed strength and momentum by crossing above the $38,300 level for the first time in over a year. This positive move came after a week marked by Changpeng “CZ” Zhao’s departure from Binance, the world’s largest cryptocurrency exchange.
Santiment Predicts Push To $40,000
According to blockchain analytics platform Santiment, the recent rally above $38,000 could be an indicator of what is to come if Bitcoin maintains its current momentum. Santiment points to the largest Tether (USDT) addresses as major contributors to the price surge. On-chain data reveals that the top 100 largest Tether addresses have invested $1.67 billion into the market over the past six months, reflecting a 9.7% increase in buying power.
Tether, the largest US dollar stablecoin, provides stability for traders and investors in the volatile cryptocurrency market. The recent infusion of funds by USDT whale addresses suggests growing confidence among significant investors. If whale USDT buying power continues to rise, Santiment believes that Bitcoin could break the $40,000 barrier in the near future.
Other Factors Influencing Bitcoin Market
While USDT whale buying power is a significant factor in driving the Bitcoin price, other factors also come into play. Regulatory developments, macroeconomic trends, and technological advancements all impact the cryptocurrency market. Asset managers are still waiting for regulatory approval from the Securities and Exchange Commission (SEC) to offer Bitcoin spot exchange-traded funds (ETFs) in the United States.
Bitcoin Price Overview
Currently, the Bitcoin price stands at $37,834 with a 1.1% increase in the past 24 hours. Over the last seven days, BTC’s value has grown by nearly 4%. With a market capitalization of approximately $739 billion, Bitcoin remains the largest cryptocurrency.
Hot Take: Bitcoin’s Momentum Continues to Build
The recent surge in the Bitcoin price above $38,300 indicates a positive momentum that could potentially push it towards the $40,000 mark. Santiment’s analysis suggests that the influx of funds from USDT whale addresses reflects growing confidence among significant investors. While regulatory developments and other factors play a role in shaping the cryptocurrency market, the current buying power of whales indicates a potential upward trajectory for Bitcoin. As the market leader, Bitcoin continues to show strength and resilience, attracting attention from both traders and investors.
By
By
By
By