The price of the largest cryptocurrencycurrency, Bitcoin (BTC), is rising, reaching over $57,400, up 12.5% in the last 24 hours, currently trading at $56,800, with a market capitalization of more than $1.12 trillion, and approaching its all-time high of $68,800 in November 2021.
Bitcoin (BTC) Chart | Source: CoinMarketCap Michael Saylor of MicroStrategy brought in a total of $155 million by purchasing 3,000 BTC at a price of $51,813 per. With a surge in trader optimism, Bitcoin’s open interest climbed from $9.55 billion to $10.2 billion, levels last seen in July 2022.
Due to a spike in trades speculating on future price increases, the overall financing rate for Bitcoin on exchanges increased from 0.016% to 0.019%. The number of whale transactions (those exceeding $100,000) surged from 9,067 to 13,142 on the previous day, indicating possible extreme volatility.
Still, Bitcoin’s Relative Strength Index (RSI) of 73 indicates that it may be overbought and may require a cooling off period in order to maintain its bullishness. The 18-month trajectory that research company Bernstein projects for Bitcoin, driven by institutional adoption, is $150,000.
The open interest in bitcoin futures has reached $22 billion, the highest level since November 2021, indicating significant interest in the cryptocurrencycurrency. Options market long-position holders exhibit optimism, indicating a favorable prognosis for the future.
Bitcoin is down 20% from its peak, but there is still hope that it might rise to new heights—some estimate $500,000 in the next five years and $170,000 by 2025.
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