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Home»Bitcoin»Bitcoin Crosses $70,000 for New ATH – Is $100,000 Imminent?
Bitcoin

Bitcoin Crosses $70,000 for New ATH – Is $100,000 Imminent?

2024-03-11No Comments2 Mins Read
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  • The historic increase caused a 3.87% spike in Open Interest (OI)
  • BTC demand was approximately five times greater than supply at the time of writing

The largest cryptocurrency in the world, Bitcoin [BTC] shattered the $70K level in style, days after beating its previous all-time high (ATH). At the time of writing, it had even risen to a new ATH, with BTC trading at $70,973.

Bitcoin reached its latest ATH after rising 2% in 24 hours and appreciating 12% over 7 days.

BTC ATBTC AT

Source: BTC/USDTrading view

The ascent continues

According to this report, the king coin has risen by 1.40% in the last 24 trading hours CoinMarketCap. The sought-after digital asset has risen 65% since the start of 2024 and looked poised to make further gains in the north.

The historic climb saw a 3.87% increase in Open Interest (OI) in Bitcoin futures, pushing it above $34 billion at the time of writing.

Bitcoin open interestBitcoin open interest

Source: Coinglass

Demand >>> Offer

Bitcoin’s rise comes thanks to rising demand from the recently launched spot ETFs in the US

On March 8, nearly $223 million worth of Bitcoins were purchased by issuers.

This increased cumulative net inflows since listing day to a whopping $9.59 billion, according to data sourced from AMBCrypto of SoSo value.

At the time of writing, $55.5 billion worth of Bitcoins backed these spot ETFs, accounting for more than 4% of Bitcoin’s total supply.

Bitcoin spot ETF inflowsBitcoin spot ETF inflows

Source: SoSo value

On the other hand, the network produced an average of just $45 million Bitcoins per day, AMBCrypto noted using Santiment’s data.

See also  The Bitcoin exchange balance is falling sharply, and that means BTC is now…

This meant that demand was approximately five times greater than supply.

Bitcoins mined per dayBitcoins mined per day

Source: Glassnode

It is expected that emissions from blocks will fall further in the coming month halve. With demand strong, you might expect Bitcoin’s northward rise to continue.


Read Bitcoin’s [BTC] Price forecast 2024-25


Seasoned investors are holding their ground

Meanwhile, Bitcoin supply continued to decline. Just over 4% of the total supply was available for trading at the time of writing, according to AMBCrypto’s analysis of Santiment data.

This happened despite 100% network profitability. The underlying conclusion was that long-term holders (LTH) were not yet looking for profits, but rather using Bitcoin as a store of value.

Offer in profitOffer in profit

Source: Santiment

Previous: Why beginner traders choose Zenit World as their trading platform of choice

Next: White-Hot crypto future: Decoding Memeinator’s success as raise surpasses $5 million

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ATH Bitcoin Crosses Imminent
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