Bitcoin (BTC) is the world’s largest cryptocurrency that has surged over $71,000 once again, aiming for a new all-time high. Its remarkable growth is a testament to the increasing acceptance and confidence in cryptocurrencies as a viable means of investment.
As we found on CoinMarketCap, Bitcoin is currently trading at $70,698.19 with 5.76% up in price over the last 24 hours. It also rose by 50% in 24 hours trading volume with a market capitalization of $1.388 trillion. This spike occurred following a week where Bitcoin ETFs experienced substantial outflows but have now seen net positive inflows.
Bitcoin Experiences Significant Accumulation Surge
Santiment, a leading on-chain data provider, highlights Bitcoin’s price surge to $71,000, surprising crypto traders and investors worldwide. The remarkable increase due to a significant Bitcoin accumulation by key players, making it one of the most substantial accumulation days in recent history.
As reported by Santiment, wallets holding Bitcoin ranging from 10 to 10,000 collectively acquired a remarkable 51,959 Bitcoin on Sunday, accounting for 0.263% of the total token supply. This increase in accumulation coincides with the cryptocurrency community gearing up for the upcoming halving event on April 19th.
Is Bitcoin Price Set to Surge to New All-Time Highs?
Many popular crypto supporters, including Robert Kiyosaki, believe that Bitcoin’s price may surpass its previous all-time highs and make a potential move towards the sought-after milestone of $100,000.
Moreover, many analysts indicate significant upward momentum for Bitcoin as the cryptocurrency spiked above $71k overnight. This surge was driven by reports of the London Stock Exchange’s intention to launch trading of Exchange-Traded Notes (ETNs) for Bitcoin and Ethereum (ETH) from May onwards.
Our Opinion: The recent surge in Bitcoin’s price and significant accumulation by key players are positive signs for the cryptocurrency market. With increased institutional interest and adoption, we could see a continued upward trend in the coming days.
However, it is essential to remember that volatility is inherent in the crypto market, and prices can fluctuate rapidly. Therefore, it is crucial to do thorough research and consult with a financial advisor before making any investment decisions.
Also Read: Bitcoin (BTC): Which is the Optimal Time to Invest in Bitcoin!
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
