Bitcoin price rallied to a new all-time high of about $99.5K earlier today catalyzed by ongoing institutional FOMO.
Amid the notable expectations of Bitcoin price BTC $94 101 24h volatility: 1.3% Market cap: $1.87 T Vol. 24h: $28.16 B reaching $100K before the end of this week, the flagship coin surged to a new all-time high (ATH) of around $99,486 on Friday, during the early European session. Less than 1% away from hitting the coveted target of $100K, Bitcoin’s daily average trading volume surged to over $113 billion.
For the first time in its history, Bitcoin’s fully diluted valuation surged beyond $2.08 trillion, thus on the brink of dethroning Alphabet Inc (NASDAQ: GOOGL). Already, Bitcoin’s total valuation is more than that of Saudi Aramco Base Oil.
The ongoing Bitcoin price surge has triggered heightened crypto volatility, thus leading to heavy liquidations in the past few days. According to the latest market data, more than $400 million was liquidated from the crypto-leveraged sector in the past 24 hours. Notably, the majority involved short traders, thus increasing the momentum of the ongoing short squeeze.
Bitcoin Whales Remains Hungry for More Purchases
The ongoing Bitcoin price pump is heavily bolstered by the high demand from institutional investors and the U.S. spot BTC ETF issuers. As of November 21, the US spot BTC ETF issuers had registered a cumulative total net inflow of about $30 billion, thus holding nearly $106 billion in assets under management.
On Thursday, BlackRock’s IBIT registered a net cash inflow of about $608 million, thus currently holding nearly $48 billion in total assets. Fidelity’s FBTC registered a net cash inflow of about $300 million on Thursday, thus currently holding nearly $20 billion.
Whales continue to accumulate $BTC!
This whale has accumulated a total of 3,577 $BTC($330M) in the past 4 days and currently holds 25,298 $BTC($2.5B)!https://t.co/8mNHj6aKqY pic.twitter.com/8mv9P59fuE
— Lookonchain (@lookonchain) November 22, 2024
According to on-chain data analysis, a whale investor with a balance of 25,298 BTCs, worth over $2.5 billion, has purchased a total of 3,577 coins in the last four days. Meanwhile, MicroStrategy Inc (NASDAQ: MSTR) has made the biggest Bitcoin move this week after purchasing 51,780 BTCs earlier this week and now holds 331,200 coins.
On Thursday, MicroStrategy announced that it completed a $3 billion offering of convertible notes, and is likely to purchase more coins in the coming days.
Midterm Expectations
Bitcoin price entered its much-revered discovery phase three weeks ago and the exponential bullish momentum has been gaining strength. Based on previous bull market cycles, Bitcoin price could reach the range between $137K and $150K before experiencing a major correction.
$BTCUSD Getting there with the monthly candle. Possible long-term signal for the coming months/year. https://t.co/E8pOBuXROF pic.twitter.com/ZuYzWFdgtC
— Aksel Kibar, CMT (@TechCharts) November 22, 2024
Meanwhile, the altcoin industry led by Solana SOL $144.7 24h volatility: 2.9% Market cap: $74.88 B Vol. 24h: $3.39 B , Cardano ADA $0.68 24h volatility: 4.1% Market cap: $24.60 B Vol. 24h: $687.75 M , and Ripple Labs-backed XRP XRP $2.18 24h volatility: 5.1% Market cap: $127.45 B Vol. 24h: $3.56 B has been gaining significant traction. Moreover, Bitcoin’s dominance has been hovering around a major psychological resistance above 60%.
An inevitable reversal for the Bitcoin dominance in the weekly timeframe will yield the much anticipated parabolic rally for the altseason in the near term.
next