On Wednesday, January 6, updated historic highs above $36,000. The total capitalization of the crypto market is approaching $1 trillion.
CryptoQuant CEO Ki-Young Ju presented data on bitcoin outflows from exchanges. On January 2 alone, more than 55,000 BTC were withdrawn from Coinbase platform, indicating the dominant trend for long-term cryptocurrency storage.
This factor will undoubtedly push the coin to new heights. Ki-Young Ju also noted that large investors bought bitcoins at prices of at least $30,000, so they will try not to let the value fall below this level, writes coinspot.
Ki Yong Ju also noted that there was an influx of stabelcoins on exchanges before the last bitcoin surge. According to him, this indicator quite accurately predicts upward movements of 1 to 5%.
CryptoQuant noticed that in the last days the assumed value of the leverage decreased. Thus, during the recent decline to $27 700 the market was able to get rid of overheating by margin positions, the threat of which analysts talked about.
"It's pretty simple," said Blockhead Capital managing partner Matt Kay. - There are more buyers than sellers in the spot market. This is happening at the beginning of a year that is likely to transform U.S. fiscal policy for the next decade."
The number of "whales" with at least 1,000 BTC in their wallets reached a new high of 2,323 on Tuesday, according to analyst firm Santiment.
There is probably no more noteworthy bullish metric than the one that indicates an increase in bitcoin holders over $35 million," Santiment noted.
Along with BTC, many of the largest altcoins are showing notable growth. Stellar (XLM) on Wednesday soared to its highest level since mid-2018, adding more than 50%. A key driver of Stellar's growth was an agreement on a partnership between Ukrainian authorities and altcoin developers.
rose above $1200. Observers do not exclude such a scenario, in which by the end of the current week the largest altcoin will beat the record of three years ago and will exceed $1400.