As a seasoned researcher with over two decades of experience in financial markets, I’ve witnessed countless market trends and cycles. The current Bitcoin surge to an all-time high of $106.5K is undeniably one of the most intriguing phenomena I’ve encountered.
Reaching an unprecedented peak of $106,500, Bitcoin set a new record in its 16-year journey, signifying a significant milestone. The primary driver behind this impressive rise in the value of the world’s top cryptocurrency, as it climbed nearly 200% this year, can be attributed to a crucial factor.
As an analyst, I’ve noticed a significant surge in whale wallet activities, reaching a fresh peak.
Bitcoin’s Record Finds Support From Whales
Over the past nine weeks, the number of Bitcoin addresses holding at least 100 BTC has grown significantly. Starting from October 10th, it increased from 16,062 to 17,644, representing an addition of approximately 1,582 wallets. This growth equates to a noteworthy increase of 9.9% in the number of such addresses holding large amounts of Bitcoin.
Based on Santiment’s analysis from Monday, it appears that an increase in whale accumulation (large-scale Bitcoin holdings) has occurred concurrently with a 77% rise in Bitcoin’s price. This suggests a strong link between growing trust among significant investors and the asset’s rising trend.
The recent surge in Bitcoin’s price can be linked to comments made by President-elect Donald Trump, suggesting plans for establishing a strategic Bitcoin reserve by the U.S., much like their oil reserves.
The news sparked enthusiasm among crypto enthusiasts, contributing to the unprecedented surge in prices. Some analysts believe that Bitcoin is currently experiencing “Santa Claus season,” characterized by increased purchasing due to investors’ apprehension of missing out and a desire to invest more capital into this asset category.
Bitcoin’s Santa Claus Rally
Following the November 5th election, during which both Trump and a number of pro-cryptocurrency candidates emerged victorious, Bitcoin has experienced an increase exceeding 50%.
Historically, December has been considered a favorable month for the asset, but the so-called “Santa Claus Rally,” which refers to gains during the last five trading days of the year and the first two of January, has displayed inconsistent results in the crypto market. From 2014 to 2023, Bitcoin experienced seven pre-Christmas rallies and five post-Christmas ones, yielding returns ranging from 0.20% to 13.19% before Christmas and 0.33% to 10.86% after Christmas.
Despite the pattern being irregular, it’s worth noting that in 2017, Bitcoin declined by 21.30% just before Christmas due to the post-Initial Coin Offering (ICO) market adjustment. However, according to data from CoinGecko, December, as a month overall, has shown an average return of 9.48%.
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2024-12-16 12:04