As a seasoned researcher who has witnessed the cryptocurrency market evolve from its infancy, I must admit that the recent surge of Bitcoin to new all-time highs is nothing short of astounding. The parabolic spike we are currently witnessing seems to be reminiscent of the dot-com bubble days, albeit in a more controlled and regulated environment.
On the Bitstamp exchange, Bitcoin, the top digital currency based on market value, just hit a fresh peak at an impressive $79,629.
This week, the leading cryptocurrency has hit several new highs for its lifetime, and it appears likely that it will break through the $80,000 mark by next year.
At the moment, it’s being transacted for approximately $78,910 on the Bitstamp platform, having scaled back some of its latest price increases.
Based on figures from the cryptocurrency analysis company CoinGlass, it’s reported that approximately $384 million in digital currency was liquidated just within the last day.
Short positions account for the vast majority of this brutal wipeout ($279 million).
The largest liquidation took place on Binance, with one trader losing as much as $13.1 million.
Overall, 132,440 suffered and had to face liquidation in just a single day.
According to Polymarket’s current predictions, there’s approximately a 27% likelihood that the price of Bitcoin will reach $90,000 by the end of this month. Additionally, there’s around a 28% chance that Bitcoin could rise to $100,000 within this year.
Anonymously, Bitcoin expert “Dave the Wave” proposes that the primary digital currency might currently be experiencing an upward trend, or parabolic surge, as he puts it.
According to a report from U.Today, well-known trader Peter Brandt forecasts that the price of Bitcoin might reach an astounding $150,000 by the end of next year.
In recent times, an increase in prices has occurred simultaneously with substantial investments being made into Exchange-Traded Fund (ETF) products. Notably, BlackRock’s Bitcoin ETF set new benchmarks by attracting over $1 billion in a single day.
According to well-known ETF specialist Nate Geraci, the combined holdings of Bitcoin ETFs surpass 1 million individual coins and are quickly approaching approximately 5% of the total number of Bitcoins in existence.
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2024-11-10 11:47