Bitcoin Knocks On $70K Level; Bitfinex Selling Pressure Is Ending
By Kapil Rajyaguru
Bitcoin (BTC) briefly topped $70,000 Monday for the first time in a week before retreating to its familiar trading range, continuing its sideways price action.
The largest crypto by market capitalization recently changed hands at around $69,200, up 2% over the past 24 hours, while Ethereum’s ether (ETH) was little changed slightly below $3,800.
According to the report, selling by long-term holders was a key reason for bitcoin’s correction from all-time highs, but blockchain data suggests that these holders have started to re-accumulate BTC for the first time since December 2023.
The number of new bitcoin and ether accumulation addresses has also been growing over the past month, a sign of increasing bullish sentiment despite the price stability, Bitfinex analysts added, citing CryptoQuant data.
The altcoins are also slightly in the green. BNB stands out with a 5% increase now, but the asset went even higher earlier this morning.
More gains come from the likes of PEPE, KAS, and WIF, while NEAR, LIINK, and UNI are slightly in the red.
The global crypto market cap is $2.56T, a 0.55% increase over the last day. The total crypto market volume over the last 24 hours is $83.58B, which makes a 31.30% increase. The total volume in DeFi is currently $5.74B, 6.87% of the total crypto market 24-hour volume. The volume of all stable coins is now $78.13B, which is 93.48% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.17%, an increase of 0.28% over the day.
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