Bitcoin hit a new all-time high of $100,000 for the first time in history after the price increase of 5% on the day of trading. Bitcoin, the world’s largest cryptocurrency by market capitalization, just hit a targeted price of $100,000 as a new all-time high. This milestone has significantly raised market confidence after the coin stumbled in a few weeks. The market cap also surged to $2 trillion, or an increase of 5.74% at the time of writing. According to CoinMarketCap data on Dec. 05, the price kept surging and reached $103,700, with volume trading rising 33% to $91 billion. The major market sentiment is also bullish, at up to 80%.
The price movement has been supported by Trump’s nomination for Paul Atkins as Chairman of the Securities and Exchange Commission (SEC), bringing a positive sentiment to the market. Ripple’s Brad Garlinghouse and Congressman Tom Emmer even support these nominations due to his stance as pro-crypto Fed Chairman Jerome Powell’s acknowledgement of Bitcoin as a rival to gold also gives a perspective that this digital asset was commonly known as a safe-have instrument asset class. $BTC #BTC100K! #CryptoHistoricMoment
Bitcoin Profit-Taking Continues as BTC Price Nears High. Is Bhutan Next to Sell?
The Bhutan government recently deposited almost 1,000 BTC into a Binance deposit address. It holds $900 million of the asset. The government of Bhutan deposited almost 1,000 bitcoin into a deposit address on crypto exchange Binance on Tuesday. The largest cryptocurrency surpassed $73,000 on Tuesday, approaching its record high, with many investors selling to lock in gains as 99.7% of the circulating supply was in profit. The Bhutan government, which holds over $900 million worth of bitcoin (BTC), moved a chunk of its holdings to exchanges on Tuesday, according to Arkham Intelligence, sparking speculation it is on the verge of selling some of its stash in a move that may weigh on market prices.
Bhutan moved $65 million worth of bitcoin to crypto exchange Binance late Tuesday as the largest cryptocurrency neared a lifetime peak above $73,500, Arkham data shows. BTC dropped to around $72,400 as of mid-morning in London, according to CoinDesk Indices. The tiny, picturesque Southeast Asian nation emerged as a BTC whale — an influential holder of the asset — earlier this year after Arkham identified wallets belonging to Bhutan for the first time, making it the second nation after El Salvador to officially hold BTC. Bhutan's investment in digital assets is part of a broader strategy by Druk to diversify revenue streams, with recent wallet activity showing both deposits and withdrawals, including significant transactions with exchanges like Kraken. An email to the department on the bitcoin movements to exchanges and any related plans did not receive a reply prior to publication. Meanwhile, Druk wallets tracked by Arkham show brisk deposit and withdrawal activity in the past few weeks. It has received up to 2 BTC from Foundry, another miner, and other unidentified Bitcoin addresses several times over the past week. Bhutan's investment in digital assets is part of a broader strategy by Druk to diversify revenue streams, with recent wallet activity showing both deposits and withdrawals, including significant transactions with exchanges like Kraken. An email to the department on the bitcoin movements to exchanges and any related plans did not receive a reply prior to publication. Meanwhile, Druk wallets tracked by Arkham show brisk deposit and withdrawal activity in the past few weeks. It has received up to 2 BTC from Foundry, another miner, and other unidentified Bitcoin addresses several times over the past week. Bhutan's investment in digital assets is part of a broader strategy by Druk to diversify revenue streams, with recent wallet activity showing both deposits and withdrawals, including significant transactions with exchanges like Kraken. An email to the department on the bitcoin movements to exchanges and any related plans did not receive a reply prior to publication. Meanwhile, Druk wallets tracked by Arkham show brisk deposit and withdrawal activity in the past few weeks. It has received up to 2 BTC from Foundry, another miner, and other unidentified Bitcoin addresses several times over the past week. Profit-taking Bhutan’s BTC movements are part of a broader trend of profit-taking among whales as the cryptocurrency's price approaches the record high set in March. As more holders move into profit and look to lock in gains, their market activity may slow the climb toward the record, CoinDesk research noted earlier this month. Since Oct. 17, when the research was published, profit-taking has not abated, but it still seems as though a new all-time high is on the cards. Bhutan’s BTC movements are part of a broader trend of profit-taking among whales as the cryptocurrency's price approaches the record high set in March. As more holders move into profit and look to lock in gains, their market activity may slow the climb toward the record, CoinDesk research noted earlier this month. Since Oct. 17, when the research was published, profit-taking has not abated, but it still seems as though a new all-time high is on the cards. Bhutan’s BTC movements are part of a broader trend of profit-taking among whales as the cryptocurrency's price approaches the record high set in March. As more holders move into profit and look to lock in gains, their market activity may slow the climb toward the record, CoinDesk research noted earlier this month. Since Oct. 17, when the research was published, profit-taking has not abated, but it still seems as though a new all-time high is on the cards.Even though realized profit in bitcoin peaked on Oct. 8 and has started to slow down, which is a positive development, we are still seeing higher profit-taking than the yearly average. As of Tuesday, 99.7% of the circulating supply was in profit, with $1.5 billion of realized profit taken. Most of that has come from larger entities holding at least 100 BTC, according to Glassnode data.
Bitcoin whales employ ‘wait-and-see strategy’ as price hovers at $96K
A crypto analyst highlighted significant Bitcoin inflows to crypto exchanges from whales, who are still holding back on making any major moves. Bitcoin whales are standing on the sidelines with their holdings as Bitcoin continues to tease and retrace as it hovers just below $100,000, according to a crypto analyst.
“Although there is currently no immediate selling pressure, the rising inflow of Bitcoin into exchanges highlights a potential risk of future sell-offs,” CryptoQuant contributor Onat Tütüncüler said in a Nov. 2 analyst note. “As such, these movements should be closely monitored to anticipate any possible market impact.”
Bitcoin whales sidelined Tütüncüler noted a significant inflow of Bitcoin to crypto exchanges since Donald Trump’s presidential election win on Nov. 5. While large transfers to exchanges typically signal an impending sell-off to market participants, this hasn’t been the case here, suggesting that whales are taking a “wait-and-see” approach instead.
The Adjusted Spent Output Profit Ratio (aSOPR) metric — which historically shows a change in the overall market trajectory as profits are absorbed by trading volumes — “does not yet indicate significant profit-taking activity,” he added. Typically, in bull runs, traders want to hold onto Bitcoin as long as they believe there is more growth in the short term before rotating into other crypto assets. However, Bitcoin’s dominance suggests that this rotation may be underway, with BTC dominance falling 5.54% since Nov. 28, according to TradingView data. At the time of publication, Bitcoin
is trading at $95,809, according to CoinMarketCap
The Bitcoin long-term holder realized price — the average price long-term investors paid for their Bitcoin — is $24,994 at the time of publication, showing that the average long-term holder, someone who has held Bitcoin for over 155 days, is up around 3,800% in profit.
Traders skeptical of $100,000 by the end of 2024 Traders expect Bitcoin to hold its current price but remain skeptical about it reaching $100,000 by the end of 2024.
Pseudonymous crypto trader Rekt Capital said in a Dec. 3 X post that “Bitcoin continues to retest the series of Lower Highs as support.”
They added that Bitcoin is “producing longer and longer downside wicks.”
“As long as this continues, BTC should be able to reclaim the ~$96400 support,” they said.
TRON’s market cap surpassed $20b, marking a new milestone🫴
TRON’s market value reached a new all-time high as the whale accumulation strengthened. TRON rose by 16% in the past 24 hours and is trading at $0.236 at the time of writing. Its market cap surged to an ATH of $20.4 billion as the broader crypto market gained upward momentum. TRX’s daily trading volume also doubled to $2.3 billion.
The TRON price rally comes amid increased whale activity around the asset. According to data provided by IntoTheBlock, large transactions consisting of at least $100,000 worth of TRX rose from 244 to 722 on Monday, Dec. 2. The total value of these transactions reached $432 million, ITB data shows.
Moreover, large holders accumulated over 76 million TRX yesterday. Spikes in whale activity usually create FOMO (fear of missing out) among retail investors, potentially increasing the buying pressure. This would put TRX in a fairly good position for a short-term price hike. However, increased whale activity and trading volume could mean high price volatility.
On the other hand, the TRON exchange net inflows have also shifted from a net outflow of 104 million TRX to a net inflow of 81 million TRX between Nov. 30 and Dec. 2, per data from ITB. The sudden shift suggests that investors are preparing to take short-term profits. Any whale selloff at this point could trigger FUD (fear, uncertainty and doubt) among retail holders, causing an increased selling pressure.
Notably, crypto.news data shows that the TRX Relative Strength Index is also hovering above the 70 mark. The indicator suggests that the asset is slightly overbought at this price point.
- On December 1, 2024, a cryptocurrency whale withdrew approximately 50 billion Pepe Coins (PEPE) from the Binance exchange. - The withdrawal was reported by various cryptocurrency tracking platforms, including Whale Alert and CryptoSlate. - The Pepe Coin price experienced a significant drop shortly after the withdrawal, possibly due to market speculation and selling pressure.
It's essential to note that:
- The identity of the whale remains unknown. - The reasons behind the withdrawal are unclear. - The impact of the withdrawal on the Pepe Coin market may be temporary.
Keep in mind that cryptocurrency markets can be highly volatile, and events like this can have significant effects on prices.
- *XRP Becomes 4th Largest Cryptocurrency*: XRP has surpassed Binance Coin (BNB) to become the 4th largest cryptocurrency, fueled by optimism around Ripple's ongoing legal battle with the SEC ¹.
*What happened?*
XRP, the native cryptocurrency of the Ripple network, has surpassed Binance Coin (BNB) to become the 4th largest cryptocurrency by market capitalization.
*Why did XRP's price increase?*
The price surge is largely attributed to optimism around Ripple's ongoing legal battle with the US Securities and Exchange Commission (SEC). Ripple has been fighting a lawsuit filed by the SEC in December 2020, alleging that XRP is a security and should be regulated as such.
*Recent developments in the lawsuit*
Recently, Ripple has been gaining ground in the lawsuit, with several favorable rulings and decisions. This has led to increased optimism among investors and traders, causing the price of XRP to rise.
*Market capitalization*
As a result of the price surge, XRP's market capitalization has increased, allowing it to surpass BNB and take the 4th spot in the list of largest cryptocurrencies by market capitalization.
*Current market situation*
The current market situation is highly volatile, and prices can fluctuate rapidly. However, the recent developments in the Ripple-SEC lawsuit have created a positive sentiment around XRP, which may continue to drive its price upward. #ThanksgivingBTCMoves #BinanceBNSOLPYTH
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Shiba Inu's future looks promising, with predictions suggesting a significant increase in value. According to recent forecasts, Shiba Inu's price is expected to reach $0.0000447 by December 3, 2024, representing a 65.74% increase ¹.
Here's a breakdown of Shiba Inu's predicted prices for the next few years:
Keep in mind that these predictions are based on technical analysis and market trends, but the cryptocurrency market can be highly volatile. It's essential to do your own research and consider multiple sources before making investment decisions. #ThanksgivingBTCMoves #BinanceBNSOLPYTH
#ThanksgivingBTCMoves #BinanceBNSOLPYTH Pepe Coin's future looks promising, with a bullish market sentiment of 92% ¹. The current price is $0.00002041, with a potential increase of 12.2% by December 3, 2024 ¹.
Here's a brief overview of Pepe Coin's predicted prices for the next few months:
Keep in mind that these predictions are based on technical analysis and market trends, but the cryptocurrency market can be highly volatile. It's essential to do your own research and consider multiple sources before making investment decisions.