CZ Reflects on Bitcoin Price Surge after Hitting New Milestone

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As a seasoned cryptocurrency researcher with over a decade of immersion in this digital gold rush, I’ve witnessed the ebb and flow of market trends, navigated numerous bear markets, and celebrated triumphant bull runs. The recent surge of Bitcoin above $100,000 is nothing short of breathtaking, and it brings back memories of the early days when a single BTC was worth mere pennies.

The digital currency, Bitcoin (BTC), is currently surging past $103,471 following a strong upward trend. This surge in price has sparked enthusiasm among cryptocurrency enthusiasts. Changpeng Zhao, co-founder and former CEO of Binance, has also shared his thoughts on this development via his social media platform. Additionally, Bitcoin’s 24-hour volatility is at 7.8%, while its market cap stands at a massive $2.05 trillion, with a total volume over the same period reaching $172.48 billion.

On December 4th, CZ acknowledged Bitcoin reaching a new achievement within the crypto community. While many profited from its price surge, he himself did not. However, the value of his unchanged Bitcoin holdings has significantly increased, causing other items to appear more affordable relative to it.

Them: congrats! you made a lot of money on bitcoin, right?

Actually, no, my Bitcoin count remains unchanged. The shift is that other values seem relatively less expensive compared to Bitcoin now.

— CZ 🔶 BNB (@cz_binance) December 5, 2024

In the crypto world, as expressed by Changpeng Zhao, Bitcoin is often regarded not only as a financial asset but also as a means to store value and gauge prosperity, rather than being simply evaluated based on its price in traditional currencies.

Long-Term Holders Eye Future Bear Markets and Value Preservation

Crypto content creator AB reacted to the post, saying his plan is to keep holding the coin longer. He predicted that the next bear market could see Bitcoin bottom between $60,000 and $80,000.

AB  further stated that he would keep buying more Bitcoin as the goal is not to make money but to preserve value. He remarked that BTC remains his strongest asset.

Actually, I’m not unloading my Bitcoins. Instead, I intend to hang on to them for the long haul. I anticipate that the upcoming bear market might find its bottom somewhere between $60,000 and $80,000, so I’ll continue holding and may even purchase more. It’s not just about earning money; it’s about safeguarding worth. My Bitcoins…

— AB (@Abrlien) December 5, 2024

Dormant Bitcoin Wallets Reactivate as BTC Hits New Milestone

13-year-old Bitcoin wallet, long thought dormant, has been activated. The wallet, initially containing 50 BTC worth just $219 back in 2011, now boasts a staggering value of over $5.16 million. (Paraphrased from original text)

Likewise, another wallet, which hadn’t been active for over a decade, also sprang back to life. It was disclosed by Whale Alert that the cryptocurrency wallet held approximately 10 BTC, equating to roughly $50 USD in the year 2012. The equivalent value of these same BTC now stands at around $1.23 million.

As an analyst, I find it unsurprising that the account has been reactivated given the recent surge in Bitcoin’s price, breaking through the $100,000 barrier and currently trading at $102,835. This bullish trend is causing a stir among Bitcoin enthusiasts who anticipate further price increases, viewing this as merely the start of a series of jumps.

It’s challenging to accurately forecast the immediate rise in Bitcoin’s price. Yet, it’s anticipated that any growth in BTC will likely trigger a chain reaction among other cryptocurrencies (altcoins), potentially leading to an increase in their values too.

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2024-12-05 18:24