Bitcoin (BTC): new record at 68,500 dollars
On yesterday’s day, the BTC price seemed to be catching its breath to keep up with its fellow ETH and SOL, both of which had recently broken records. It is now done: it has exceeded 67,000 dollars, its previous record reached at the end of October, to reach 68,500 dollars:
Bitcoin Breaks New Record – Source: TradingView, BTC / USDT
Within two days, the price of BTC climbed + 11.7%. Over the month, Bitcoin grew by + 23.7%. Its capitalization also broke a record at 1,290 billion dollars.
👉 To read – According to JPMorgan, Bitcoin (BTC) will always reach 146,000 dollars … On one condition
Ether (ETH) is no exception
We note that Ethereum’s ETH also broke a record, for the second day in a row. Altcoin is also approaching a round number: it has crossed the threshold of $ 4,800 for the first time. In the space of three days, the cryptocurrency grew by + 11.9%:
ETH price hits several consecutive records – Source: TradingView, ETH / USDT
Investors still in an accumulation phase
A report from the analysis firm Glassnode, published yesterday, indicates that investors are still in the accumulation phase, which explains this new record for the price of BTC.
Last week, more than 5,000 BTC ($ 341 million at the current rate) were withdrawn from exchange platforms: a sign that the tendency is to hold on to bitcoins rather than spend them.
Percentage of Bitcoin stored on exchange platforms – Source: Glassnode
And the trend could last, according to Glassnode:
“The market is probably still in a phase of quiet accumulation, punctuated by measured activity, large withdrawals from trading platforms, and very low strategic spending on the part of experienced holders. “
The analysis firm also notes that activity on the blockchain does not reach the frenzy that surrounded the last bull runs. This could suggest a certain maturation of the market, the number of daily transactions remaining lower.
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About the author: Marine Debelloir
Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.