Originally published on: November 13, 2024
Bitcoin has seen a remarkable surge of over 40% since October 13, leaving traders enthusiastic about its future potential. Despite considerable profit-taking, the intensity remains below historical peaks, indicating room for further gains before demand exhaustion sets in. According to leading crypto analysis firm Glassnode, realized profits amounting to $20.4 billion have been observed since the latest all-time high discovery phase.
The average daily volume of realized profits has stabilized at around $1.56 billion since Bitcoin surpassed its previous all-time high of $73,679 in March. However, this figure is notably lower than the $3 billion recorded during the peak of the previous cycle.
Following Donald Trump’s election victory, Bitcoin’s price exceeded $85,000 on November 11, marking its best daily gain ever at $8,400. The positive momentum carried Bitcoin to a new high of $90,100 on November 12 before consolidating around $87,534 per coin.
Cory Klippsten, CEO of Swan Bitcoin, praised Bitcoin’s resilience at the current price level despite a surge on relatively weak volume. Traders remain optimistic about further upside potential, with prominent figures like author Robert Kiyosaki and WealthSquad Chris expressing confidence in Bitcoin’s long-term growth.
Amidst a rapidly evolving market landscape, experts like Anthony Pompliano highlight the significance of Bitcoin’s price trajectory against increasing national debts. As Bitcoin continues to garner mainstream attention, the race to the sky between debt accumulation and Bitcoin’s price is becoming a focal point of discussion in financial circles.
With Bitcoin trading at $87,534 at the time of publication, the crypto market is buzzing with anticipation for its next milestone. As traders navigate these exciting developments, stay informed with our latest articles for valuable insights into the crypto market.
Please note that this article does not offer investment advice. Readers are encouraged to conduct their own research and due diligence before making any financial decisions. Subscribe to our newsletter for more updates on market trends and investment strategies.
