The leading cryptocurrency, Bitcoin (BTC), set a 10-week high of $21,150. The value of virtual digital gold has increased by 2.1% over the last day and by over 23% over the last week. A record amount of short liquidations has helped the crypto markets surge to reclaim the $1 trillion market cap level over the weekend as they showed indications of bottoming according to CoinMarketCap. Since Friday, about $500 million in shorts, or bets against rising prices, have been settled, which is the most since October 2022.
Documenting Bitcoin, a Twitter user claims that Bitcoin has been increasing for 12 days. This is Bitcoin’s second-longest upward streak in history, according to the tweet. The longest run of 15 straight days of increases was registered in November 2013.
CryptoQuant: Don’t rush just yet
Despite the fact that the price of Bitcoin is rising, on-chain expert CryptoQuant advises investors to “find calm rather than enthusiasm.” According to the Fund Holdings Index, institutional investors are decreasing their BTC holdings and passively “monitoring” market moves, according to CryptoQuant (FHI).
CryptoQuant adds that the miners have started holding on to their profits rather than spending them all. According to the expert, a 10% decrease in mining difficulty is anticipated, therefore, the miner reserves and miner position index (MPI) have “already started preparing themselves.”
Additionally, the Bitcoin whales and sharks have amassed assets during the last 10 weeks, according to the market intelligence website Santiment. The information shows that 105,600 coins had been deposited “in the previous 10 weeks” by wallets holding between 10 and 100 BTC.
Bitcoin whales on the rise
According to Santiment, holders of 100 to 1,000 Bitcoins have amassed 67,000 BTC over the previous eight weeks, while the greatest whales, who own 1,000 to 10,000 coins, have added 37,100 BTC to their wallets. The fluctuations occur as the market capitalization of all cryptocurrencies has nearly surpassed $1 trillion and hit $996 billion.
Strong transactional activity on Cardano and Solana may have led to recent increases in both networks’ native ADA and SOL token prices. In other news, the impending Shanghai update for ether has strengthened its underpinnings, and a hard fork, or network overhaul, is planned for Polygon.
