The post Bitcoin Beyond $98K: What’s Pushing BTC Price? appeared on BitcoinEthereumNews.com.

That this has been an interesting week for the crypto industry is an understatement, considering the action the market has witnessed. The price of Bitcoin climbed to unprecedented highs, as the coin inched closer to $100K. Investors are buzzing with anticipation as the cryptocurrency shows signs of a continued surge, defying expectations and shifting market dynamics. After rising by 6.7% in the past seven days, a new bullish trend has been noted, with both traditional and new Bitcoin users coming in. But what drives such a steep growth and what will happen in the next weeks? – Advertisement – Whale Activity and Market Consolidation One of the key aspects of Bitcoin’s price increase is the whale and shark wallets that hold at least 10 Bitcoins. Santiment data shows that these long-term holders have accumulated 56,397 BTCs in the last month. That is equivalent to $5.4 billion. Source:X Notably, the number of such large wallets has reduced by 0.82% to 1,256 fewer wallets. While the number of holders is decreasing, the volume of Bitcoin held by these few individuals is increasing. – Advertisement – This consolidation of Bitcoin among the wealthiest holders is seen as a strong signal of confidence in the asset’s long-term prospects. The increasing accumulation of Bitcoin by whales could be interpreted as a bet on its future growth. These large investors hold steady through the price movements, waiting for further price appreciation. Coinbase Premium and Institutional Interest Another reason for the recent rally in Bitcoin’s price was the increased trading volume on large exchanges such as Coinbase. CryptoQuant CEO Ki Young Ju actually recently revealed on X that Coinbase premium has turned positive once again. This indicates strong institutional buying. The fact that Coinbase has seen a spike in Bitcoin buys correlates directly with the asset’s current…

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Filed under: News - @ November 24, 2024 11:21 am