As a seasoned crypto investor with a knack for spotting trends, I can’t help but feel a sense of exhilaration upon witnessing Bitcoin‘s latest record high. Having been through numerous market fluctuations since my early days in this digital wild west, I’ve learned to appreciate the resilience and potential of Bitcoin more than ever.
At 00:39 UTC, the foremost digital currency, Bitcoin, hit an unprecedented peak of $106,533 on the Bitstamp trading platform.
The flagship cryptocurrency has since given up some gains, currently changing hands at $104,543.
To date, Bitcoin has experienced a growth of 8.4% this November, following a surge of 37.32% in the same month and an additional 10.95% in October. In total, Bitcoin has increased by approximately 65% during the fourth quarter of the year, with just two weeks remaining.
As David Lawant, research head at FalconX, stated, this latest breakout stood out because the sellers were starting to lose steam, as indicated by a gradually decreasing sell-sell skew. Those monitoring the BTC order book noticed earlier than many others that this recent break was distinct from previous ones.
Based on data from Santiment, we’ve seen an uptick of approximately 1,582 Bitcoin wallets containing at least 100 coins since the start of the current Bitcoin rally in October.
Bitcoin has shown a significant rise of 5.4% in the last seven days compared to other major altcoins. For instance, Ripple (XRP) and Solana (SOL) have seen a decrease of 3.1% and 4.8%, respectively, during the same period. Even with the relatively poor performance of altcoins, the total value of the cryptocurrency market is steadily moving towards $4 trillion.
Currently, financial analyst Peter Schiff – known for his frequent criticisms of Bitcoin – predicts that Bitcoin might rise further before eventually crashing. He also suggests that MicroStrategy co-founder Michael Saylor is a significant buyer in this ongoing trend, as it’s been observed that the majority of Bitcoin purchases have occurred on five consecutive Mondays.
The shares of MicroStrategy (MSTR) are up 8% in pre-market trading.
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2024-12-16 09:07