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– Bitcoin goes beyond Bitcoin98K: What’s driving the price of BTC?

Bitcoin goes beyond BTC98K: What’s driving the price of BTC?

With Keith adding 56,397BTC, bitcoin has reached ¥98K.

Coinbase premium shows strong demand in the US and influx4B into ETFs.

sentiment towards cryptocurrencies under Trump contributed to optimism towards the 0-100k target.

The fact that this week was an interesting one for the crypto industry can be understated given the events that took place in the market. The price of bitcoin has risen to unprecedented heights, and the coin itself is approaching the 0-100k mark.

Investors are getting impatient as cryptocurrencies are showing signs of further growth, defying expectations and changing market dynamics.

After a 7% rise over the past 6.7 days, a new bullish trend is emerging, which includes both traditional and new bitcoin users. But what is the reason for this sharp rise and what will happen in the coming weeks?

1. One of the key aspects of bitcoin’s rise is the whale and shark wallet, which holds at least 10 bitcoins.

Santiment data shows that these long-term holders accumulated 56,397 BTC last month. This is equivalent to 55.4 billion.

It is worth noting that the number of these large wallets decreased by 0.82% , with 1,256 fewer wallets. While the number of holders is decreasing, the amount of Bitcoin in the hands of these few people is increasing.

This consolidation of Bitcoin among the richest holders is seen as a strong signal of confidence in the long-term prospects of this asset.

The increase in bitcoin accumulation by whales can be interpreted as a bet on future growth. These large investors are stable even during price fluctuations and expect further growth.

Another reason for the recent rise in bitcoin prices is the increase in trading volume on major exchanges such as Coinbase.

CryptoQuant CEO Ki Young Ju recently announced on air X that Coinbase’s premium has turned positive again. This indicates strong institutional buying.

the fact that bitcoin purchases on Coinbase are on the rise directly correlates to the current asset trend.

the constant influx of bids from U.S. investors is having an increasing impact on bringing bitcoin closer to the psychological $100,000 mark. Institutional interest in bitcoin has been gradually increasing, but has surged recently, especially with the rise of bitcoin-ETFs.

more than $440 billion has been invested in U.S. bitcoin-ETFs since the election of President Donald Trump. This confirms Bitcoin’s status as an investment asset class that can attract institutional investors.

1. Another factor contributing to the significant rise in the price of bitcoin is the overall good mood in the cryptocurrency space. The United States is seeing a changing of the guard when it comes to cryptocurrency regulation.

President-elect Trump recently announced that he intends to turn the United States into a “crypto part of the planet” which has renewed investor interest.