Bitcoin has surged past $90,000, fueled by the unwavering support of long-term hodlers and growing investor confidence.
Despite over a billion network addresses, only 53-55 million hold a balance, highlighting the concentration of Bitcoin ownership among dedicated investors.
Bitcoin's surge past $90,000 highlights the steadfast support of dedicated hodlers.
Out of over a billion network addresses, only 53-55 million have a balance. Yet, this impressive rally underscores immense investor confidence.
Despite the limited number of active addresses,… pic.twitter.com/Ma2tSiNQ6e
— Kyledoops (@kyledoops) November 14, 2024
This week, Bitcoin recorded its largest weekly gain in history, climbing by $11,600—nearly five times its typical weekly increase.
This remarkable rally reflects strong bullish sentiment as the market anticipates favorable regulatory developments, which could drive significant institutional capital into the cryptocurrency space.
This week, Bitcoin achieved its largest weekly gain, rising by $11.6k—nearly five times its usual increase—signaling strong bullish momentum.
This surge reflects growing market optimism as investors anticipate favorable regulations, which could attract significant capital into… pic.twitter.com/sz1Ct7SeEZ
— Kyledoops (@kyledoops) November 15, 2024
Futures trading volumes have also skyrocketed, With Binance processing $50.2 billion of the total $129 billion in trading activity.
Public companies are stacking up on Bitcoin like never before, with nearly 400,000 $BTC now in corporate reserves! 🚀
Leading the charge is MicroStrategy, holding over 252K BTC.
Michael Saylor’s bold move is setting the stage for Bitcoin as a staple corporate asset.
This is… pic.twitter.com/mE1CS0bnJ2
— Kyledoops (@kyledoops) November 15, 2024
Meanwhile, corporate adoption is hitting new highs, with nearly 400,000 BTC now held in public company reserves. MicroStrategy leads the charge, owning over 252,000 BTC, as Michael Saylor’s strategy cements Bitcoin’s role as a cornerstone corporate asset.
$BTC fever is back! Futures trading volumes are going through the roof—Binance alone is handling $50.2B out of a whopping $129B total.
With this much excitement, it feels like we’re on the edge of something big. Are we in for a wild ride? Buckle up, folks! 🚀 #Bitcoin #Crypto” pic.twitter.com/hKjcbnjtel
— Kyledoops (@kyledoops) November 14, 2024
On-chain data reveals robust demand at current levels, with over 307,000 addresses acquiring BTC around an average price of $89,200. This price zone could serve as a critical support or resistance point, shaping Bitcoin’s next move.
This chart shows the price levels where $BTC holders have accumulated.
Over 307k addresses acquired BTC around an average price of $89.2K, indicating significant demand at this level.
With prices hovering just below this zone, it could act as a key support or resistance point pic.twitter.com/RqJuvJPL9B
— IntoTheBlock (@intotheblock) November 15, 2024
Bitcoin Spot ETFs Recorded Notable Net Outflow In A Long Time
Despite the positive momentum, some mixed signals emerged this week. The Bitcoin spot ETF experienced a net outflow of $401 million on November 14—the first significant outflow in recent memory. However, optimism persists as BlackRock’s IBIT ETF saw inflows of $127 million, demonstrating continued interest from institutional players.
On November 14, the Bitcoin spot ETF had a total net outflow of $401 million, the first outflow in recent times. However, BlackRock ETF IBIT still had an inflow of $127 million. https://t.co/59u0BnEqLG pic.twitter.com/d23M1r2WjA
— Wu Blockchain (@WuBlockchain) November 15, 2024
With market sentiment buoyed by strong demand, increasing adoption, and record-breaking performance, Bitcoin appears poised to extend its rally. Investors are closely watching for further regulatory clarity and institutional participation, which could propel the cryptocurrency to new heights.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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