On Wednesday, January 6, bitcoin hit all-time highs above $ 36,000. The total crypto market capitalization is approaching $ 1 trillion.
CryptoQuant CEO Ki-Young Joo presented data on the outflow of bitcoins from exchanges. Only on January 2, more than 55,000 BTC were withdrawn from the Coinbase platform, which indicates the dominance of the trend for long-term storage of cryptocurrency.
This factor will undoubtedly push the coin to new heights. Ki-Young Joo also noted that large investors purchased bitcoins at prices of at least $ 30,000, so they will try to prevent the value from falling below this level, coinspot writes.
Ki Yong Joo also noted that there was an influx of stablecoins on the exchanges before the last bitcoin jump. According to him, this indicator quite accurately predicts upward movements of 1 to 5%.
CryptoQuant noted that the implied leverage has decreased in recent days. Thus, during the recent depreciation to $ 27,700, the market was able to get rid of the overheating of margin positions, the threat of which analysts spoke of.
“It’s pretty simple,” said Matt Kay, managing partner at Blockhead Capital. – There are more buyers than sellers in the spot market. This comes at the start of a year that is likely to transform US fiscal policy for the next decade. ”
The number of whales with at least 1,000 BTC in their wallets hit a new high of 2,323 on Tuesday, according to analyst firm Santiment.
There is probably no more remarkable bullish metric than the one that indicates an increase in the number of bitcoin holders in excess of $ 35 million, “- noted in Santiment.
Along with BTC, many of the largest altcoins are showing significant growth. Stellar (XLM) soared to its highest level since mid-2018 on Wednesday, gaining over 50%. The key driver of Stellar’s growth was the partnership agreement between the Ukrainian authorities and altcoin developers.
Ethereum (ETH) has climbed above $ 1200. Observers do not rule out a scenario in which the largest altcoin will break the record three years ago and exceed $ 1400 by the end of this week.
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