Crypto News

Bitcoin Reaches Near Two-Year High Amidst Rising Trader Interest

Bitcoin has made significant strides in the market, climbing to a value of $57,250, which is within 19.9% of its previous high of $68.6K set 27 months ago.

Currently, traders are closely eyeing BTC as interest in altcoins takes a temporary backseat.

Microstrategy’s recent acquisition of an additional 3,000 Bitcoin has played a pivotal role in driving the market value of the leading cryptocurrency to as high as $57.4K, marking its highest price in over two years. 

Interestingly, this surge occurred on a day when the S&P 500 experienced a decline of -0.5%, suggesting a potential decoupling of crypto from traditional equity markets.

Historically, the cryptocurrency market has demonstrated minimal correlation with stock markets, often leading to significant bull runs for both Bitcoin and altcoins.

Whales Moving, Bitcoin As 95% Of Bitcoin Addresses Are Now On Profit

Amidst Bitcoin’s price surge, reports surfaced of a whale withdrawing 500 BTC ($28.16M) from Binance. Additionally, a new wallet withdrew 900 BTC ($47.1M) from Binance in the past 24 hours.

Bloomberg analyst Eric Balchunas highlighted that daily trading volume for nine new spot Bitcoin ETFs, excluding GBTC, reached a record high of $2.4 billion, nearly double the recent average daily volume. BlackRock IBIT also experienced a surge in trading volume, reaching $1.3 billion, approximately 30% more than its previous all-time high.

Data from @IntoTheBlock indicates that 95% of Bitcoin addresses are currently in a profitable state. The last time such a high level of profitable addresses was observed was during the bull market of 2021, when Bitcoin’s price surpassed $60,000.

Bitcoin’s recent performance underscores the ongoing evolution and growing interest in the cryptocurrency market, signaling potential opportunities and challenges ahead for traders and investors alike.

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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