Bitcoin has achieved a new milestone, reaching an all-time high of $85,000 just 20 minutes ago.
Over the past year, large holders—or “whales” and “sharks” with at least 10 BTC—have accumulated 234,150 BTC, now valued at around $19.76 billion.
This upward momentum in the market is attributed to consistent accumulation by these key players, alongside fluctuating sentiment from retail investors who often sell during dips, enabling larger investors to buy in at lower prices.
🥳 The crypto community is celebrating Bitcoin's new all-time high, scraping $85K about 20 minutes ago. In the past year, whale & shark wallets with at least 10 BTC have accumulated a total of 234.15K (now worth $19.76B).
Cryptocurrency's ascension can largely be attributed to… pic.twitter.com/GzgRhI8IvJ
— Santiment (@santimentfeed) November 11, 2024
The heightened enthusiasm around Bitcoin echoes past cycles, with euphoria currently running high, though still shy of the levels seen in mid-March during Bitcoin’s previous peak. As long as whales maintain their buying activity and retail investors continue to sell during small corrections, the price could see further gains.
The influence of institutional buyers, particularly around key events like the U.S. elections, has undeniably played a role in Bitcoin’s rally. However, retail investors are also increasing their presence in the market, showing that adoption is on the rise. Notably, addresses holding at least 0.001 BTC now account for approximately 55% of all Bitcoin addresses, suggesting a significant increase in everyday participation.
Bitcoin has just hit a new all-time high at $82,000!
It’s clear that institutions are having a massive impact on Bitcoin’s price, especially before and after the U.S. elections. But what about the retail side?
Interestingly, data shows that retail investors are more involved… pic.twitter.com/kjzSfFweo3
— Edul Patel 🍊 | duldul.eth (@Dul_dul) November 11, 2024
A recent analysis from @intotheblock shows this growing retail involvement through a gradual rise in Bitcoin wallet addresses over time. Furthermore, search trends for crypto are surging this November, indicating heightened interest and curiosity among potential new investors.
Adding to the bullish sentiment, MicroStrategy recently acquired 27,200 BTC at an average price of $74,463, bringing its total Bitcoin holdings to 279,420 BTC.
Last week, from November 4 to November 10, the net weekly inflow of US dollars into the cryptocurrency market reached $6.283billion. The net weekly inflow of US Bitcoin and Ethereum spot ETFs reached $1.792b; the net weekly inflow of fiat-backed stablecoins (USDC, USDT, FDUSD,…
— Wu Blockchain (@WuBlockchain) November 11, 2024
Meanwhile, from November 4 to 10, net weekly inflows reached $6.283 billion, with $1.792 billion flowing into Bitcoin and Ethereum ETFs and $4.492 billion into fiat-backed stablecoins.
MicroStrategy announced that it had acquired 27,200 BTC for approximately $2.03 billion, with an average purchase price of $74,463. As of November 10, 2024, MicroStrategy holds 279,420 BTC, with a total acquisition cost of approximately $11.9 billion and an average purchase price…
— Wu Blockchain (@WuBlockchain) November 11, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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