- Bitcoin hit $97,836 ATH while Open Interest climbed to $63.32B, signaling growing Futures activity.
- Record $9.7B stablecoin inflows boosted BTC’s buying demand as well.
As a seasoned crypto investor with a decade of experience navigating the volatile cryptocurrency market, I must say that the current state of Bitcoin (BTC) is nothing short of exhilarating. The all-time high Open Interest of $63.32 billion in the Futures market and the record-breaking stablecoin inflows of $9.7 billion in the past 30 days are signs of a growing and mature market, not unlike the early days of the dot-com boom.
The total value of ongoing contracts for Bitcoin (BTC) has soared to a record $63.32 billion, indicating increased trading action within the cryptocurrency Futures sector.
Today, I witnessed an exciting moment in my crypto journey as the price of the so-called “king coin” surpassed a new high of $97,836. This milestone has ignited discussions among investors like myself, suggesting that it might not be too far off from hitting the elusive $100,000 mark.
This spike suggests a rise in trading activity and an expansion of market involvement, fueled by robust demand from both individual and institutional investors.
In the last 24 hours, Bitcoin’s trading activity amounted to approximately $101.6 billion, which resulted in a 4.46% rise in its price. According to information from Coingecko, over the past week, Bitcoin experienced a growth of 7.48%.
With a circulating supply of 20 million BTC, its market capitalization stands at $1.93 trillion.
Stablecoin inflows signal increased demand
In the last month, there’s been an unprecedented surge of approximately $9.7 billion moving into cryptocurrency exchanges from stablecoins. This is the largest monthly influx ever observed, suggesting a significant increase in investor enthusiasm towards crypto.
Instead of using stablecoins as a link between traditional money (fiat) and digital currencies (cryptocurrencies), they’re frequently employed in the exchange and acquisition of cryptocurrencies.
Leon Waidmann, head of research at The Onchain Foundation, noted,
In the past month, stablecoin deposits into exchanges reached an all-time high of $9.7 billion – the highest monthly influx ever recorded. This surge in stablecoins signals a significant return of liquidity. Furthermore, speculation surrounding these digital assets remains robust and unabated!
The increase in stablecoin activity suggested strong buying pressure, which could propel the king coin closer to the $100,000 milestone.
November has historically been one of Bitcoin’s most bullish months, further bolstering optimism.
100% addresses in profit
At the given moment, as per data from IntoTheBlock, it was found that out of a total of 54.1 million monitored Bitcoin addresses, each one’s purchase price was lower than the current market value, implying that they were profitable at that point in time.
No address was holding Bitcoin at a loss.
It wasn’t surprising that there were no addresses showing losses or just breaking even, indicating strong faith in the market.
Increased activity in the Bitcoin ecosystem
As a crypto investor, I’ve noticed an uptick in activity within the Bitcoin network. Over the past day, active addresses surged to 750,264, indicating a growing interest and involvement.
Furthermore, the total Bitcoin transaction fees for this period amounted to approximately $2.06 million, underscoring the high level of network activity.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
As reported by DeFiLlama, the amount of Bitcoin locked within decentralized finance platforms amounts to approximately $4.321 billion. This indicates that along with its price and market activity, Bitcoin is also experiencing increased adoption in the realm of decentralized finance.
Under current optimistic circumstances, it’s likely that Bitcoin could soon reach the prestigious $100,000 price point.
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2024-11-21 15:20