Bitcoin consolidates above $35K
By laxmikant Khanvilkar
Leading virtual digital assets (VDAs), are attempting to free themselves from the clutches of the range bound trade and move higher, driven by bullish investor sentiment. Price of Bitcoin (BTC) is consolidating above $35,000 level as majority of the long term holders are in no hurry to sell their position. The largest cryptocurrency by market capitalisation, is currently charging hands at $35,076.05 up 0.25%. On the other hand, Ethereum (ETH), the second largest crypto in market value, surged 2.33% at $1,894.91.
Interesting aspects have emerged from the holding pattern which suggests building of a strong undercurrent in the digital currency space. As per Onchain data, the number of Bitcoin unmoved in a 3-month timeframe has reached a record high of 88.5%. This trend, experts believe, is indicative of huge upside potential despite the ongoing consolidation. Bitcoin is up 26% since the beginning of October.
The optimism has sipped into broader markets as well. Prices of other tokens too have gained momentum, tugging along with the surge in the price of bitcoin and ether.
Prices of Solana (SOL), XRP, BNB and others have strengthened in the recent days.
The global crypto market cap increased 1.10% to $1.32 tn, over the last 24-hours. Simultaneously, the total crypto market volume increased 35.79% to $38.24 bn. The total volume in DeFi is currently $4.47 bn and all stablecoins $32.7 bn, representing 11.68% and 85.51% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.82%, down 0.50% over the day.
IC15 index, the barometer of top fifteen tokens, rose 1.28% to 44,112.51.
Meanwhile, Software giant MicroStrategy announced it increased its Bitcoin (BTC) holdings since the end of Q2 of 2023. The company bought an additional 6,067 Bitcoin, bringing its total holdings to 158,400.
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