The broader crypto space has claimed a $3 trillion market cap (as per CoinGecko) on Monday as it has been garnering the attention of a huge chunk of institutional investors. Meanwhile, market leaders Bitcoin and Ethereum have beaten traditional finance to the punch with new ATH achievements. As a whole crypto market has been growing at a tremendous speed with a boom in Metaverse, DeFi, and NFTs.
Market whales seem to be increasingly awaiting in anticipation of higher price gains as the latest report from Glassnode highlights the growing interest in Bitcoin HODL. The report has further recalled the highest accumulation of the asset prior to reaching April ATH. The share of flagship asset’s supply held by HODLers has reached a high of 80.6% prior to claiming its new high of $64,000 in May.
On the interesting part, since BTC’s price has claimed a high of $66,000 in October, Long-term holders have only spent 0.73% of the total supply. The metric indicates the future potential of the digital coin.
Analyst Predicts Bitcoin Price to Hit $88.3k!
After taking a much-needed breather, Bitcoin price has finally broken out to claim a new ATH of $68,530. Interestingly, despite trading at high prices of around $66k, large whale addresses holding between 10k to 100k have accumulated 2.1% of the supply in just 5 days.
🐳 #Bitcoin made a major leap in the early Monday hours, and crept up above $66k briefly as most #altcoins lagged behind. Large whale addresses holding 10k to 100k $BTC have accumulated 43k more $BTC and increased their bags +2.1% in just the last 5 days. https://t.co/I2LmF24XDc pic.twitter.com/Rn3swKcjVA— Santiment (@santimentfeed) November 8, 2021
Santiment, a crypto metric platform has revealed that a huge chunk of Bitcoin has been accumulated by whales during the stagnance period over the past 25 days. Despite the asset being close to ATH from earlier last month, whale addresses with 10k to 100k jumped in more numbers owning 92k BTC comprising 15% of the total supply.
A popular crypto analyst has made a whooping prediction for the Bitcoin price pointing out the latest breakout. The chart shown by him highlights the nice break out of the asset from the bullish pennant pattern. He is hopeful of a price surge by another 15 to 20%, and predicts the price to hit $88,300 in the coming bull cycle.
Summing up, as Bitcoin price has been generating a series of lower highs, the US dollar has crashed to a record-low against Bitcoin on Tuesday. The latest evoking interest would attract more institutional players to the space, hence the flagship asset would take the global crypto market cap in pace thereby threatening traditional finance.