Bitcoin (BTC) has been on a remarkable journey of reaching new heights almost daily in the past week, fueled by a strong bullish trend.
On March 14, BTC briefly touched a record high of $73,750 around 07:00 UTC, pushing its market cap to $1.45 trillion. Currently, the flagship digital currency is trading at $73,350, showing a slight dip from its peak.
BTC price, whale activity, exchange inflow, exchange outflow, and supply outside of exchanges on March 14 are all indicators of the cryptocurrency’s performance. As per data from Santiment, Bitcoin’s daily trading volume has seen a 25% decrease, now standing at around $46 billion.
In another development, a report from crypto.news on March 13 revealed that Bitcoin’s total open interest has surged to an all-time high of $33.9 billion, surpassing the previous high of $23 billion in November 2021.
Santiment data also shows an increase in the number of investors accumulating Bitcoin for the long term rather than short-term gains over the past two days.
Furthermore, BTC exchange inflow saw a significant rise from 51,522 to 84,620 coins in the last 24 hours. Similarly, the outflow from exchanges surged from 54,121 to 89,135 Bitcoins during the same period.
Meanwhile, whale transactions involving at least $100,000 worth of BTC increased by 12.2% in the past day, with unique transactions rising from 17,283 to 19,388 in 24 hours.
Typically, higher price volatility is expected when whale activity in an asset increases, as indicated by Santiment data. Despite the price fluctuations, Bitcoin’s supply outside of exchanges has reached a new all-time high of 18.78 million tokens.
In the midst of these developments, there is growing anticipation that Bitcoin will reach $100k, according to a macroeconomist, despite the delay in the launch of a spot Ethereum ETF. Stay updated by following us on Google News.