As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends. However, the current surge in Bitcoin’s price and its potential to hit $100K before the week ends is truly unprecedented.
As the anticipation builds towards Bitcoin potentially reaching $100K this week, the leading cryptocurrency hit a new all-time high (ATH) of approximately $99,486 on Friday, during early European trading hours. With less than 1% remaining until it touches the milestone figure of $100K, Bitcoin’s daily average trading volume swelled to more than $113 billion.
For the very first time, Bitcoin’s overall worth when all its potential shares are taken into account (fully diluted market cap) exceeded $2.08 trillion, bringing it close to unseating Alphabet Inc. (NASDAQ: GOOGL). Notably, Bitcoin’s total worth now surpasses that of Saudi Aramco Base Oil.
The recent escalation in Bitcoin’s price has sparked increased volatility within the cryptocurrency market. As a result, significant liquidations have taken place over the last few days. In fact, according to current market statistics, over $400 million was wiped out from the crypto-leveraged sector in just 24 hours. Interestingly, most of these liquidations involved short traders, which has further intensified the ongoing short squeeze.
Bitcoin Whales Remains Hungry for More Purchases
The continuous rise in Bitcoin’s price is significantly driven by strong interest from institutional investors and potential U.S. Bitcoin ETF providers. As of November 21st, these U.S. ETF providers have collectively amassed a net inflow of approximately $30 billion, managing assets worth nearly $106 billion in total.
On Thursdays, BlackRock’s IBIT recorded an approximately $608 million cash influx, bringing their total asset holdings to almost $48 billion. Similarly, Fidelity’s FBTC saw a net cash inflow of roughly $300 million on the same day, managing nearly $20 billion in assets.
Whales continue to accumulate $BTC!
Over the last four days, this whale amassed a staggering 3,577 Bitcoins worth approximately 330 million dollars, and now it owns an impressive 25,298 Bitcoins, which equate to around 2.5 billion dollars!
— Lookonchain (@lookonchain) November 22, 2024
Based on an examination of blockchain information, it’s been found that a significant investor, owning approximately 25,298 Bitcoins, valued at more than $2.5 billion, has recently acquired 3,577 additional coins within the last four days. On another note, MicroStrategy Inc (NASDAQ: MSTR) has made the most significant Bitcoin transaction this week by purchasing 51,780 Bitcoins earlier in the week, bringing their total holdings to a staggering 331,200 coins.
On Thursday, MicroStrategy revealed they had finished a $3 billion sale of convertible bonds, possibly indicating further coin purchases in the near future.
Midterm Expectations
Over the past three weeks, Bitcoin’s price has entered a well-respected period of exploration, during which its bullish trend has been steadily intensifying. Following historical patterns in previous market rallies, it is projected that Bitcoin’s price could reach anywhere between $137,000 and $150,000 before encountering a significant pullback.
Bitcoin’s Monthly Chart Appears to be Approaching a Significant Marker, Potentially Indicating a Long-Term Trend for the Remainder of the Year or Beyond.
— Aksel Kibar, CMT (@TechCharts) November 22, 2024
Currently, the altcoin sector, notably Solana (SOL), Cardano (ADA), and Ripple Labs-backed XRP, is experiencing notable growth. At present, Solana stands at $258.1 with a 24-hour volatility of 6.7%, boasting a market cap of $122.49 billion and a trading volume of $14.69 billion within the past 24 hours. Cardano is priced at $0.86, demonstrating a 24-hour volatility of 11.0%, a market cap of $30.82 billion, and a 24-hour trading volume of $3.83 billion. Lastly, XRP is valued at $1.39, showing a 24-hour volatility of 23.7%, a market cap of $79.01 billion, and a 24-hour trading volume of $19.56 billion. Meanwhile, Bitcoin’s dominance has been maintaining a position near the significant psychological resistance level above 60%.
Predicting a shift in Bitcoin’s supremacy over other cryptocurrencies in the weekly chart could lead us to the highly expected steep climb, or ‘parabolic rally’, for the altcoins in the upcoming period.
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2024-11-22 13:39