The world’s most popular crypto, Bitcoin is under insane buying pressure from global investors.
What you should know: At the time of writing this report, Bitcoin traded at $41,220.86 with a daily trading volume of $96.4 billion and is up 10.69% for the day.
- It presently has a market value of $766.5 Billion.
- After dropping as much as 10% from its previous all-time highs a day before, the flagship crypto paused to stay lower only for a matter of few hours before a stronger bullish momentum began.
- Thereafter, Bitcoin not only matched its all-time highs but delivered a new one — $41,220.
Crypto traders are however aware that the prevailing volatility in play in the Bitcoin market is unprecedented. Crypto trading is becoming particularly very volatile, which is perfectly outlined by the number of total liquidations in the past few days.
About $1.45 billion (both bullish and bearish positions) were liquidated in less than a day.
Also, data retrieved from Glassnode showed institutional investors are largely responsible for the strong bullish momentum in play as the number of Addresses Holding 1,000+ Bitcoins just reached an all-time high of 2,376.
- The previous ATH of 2,362 was observed earlier today.
- Metric Description: The number of unique addresses holding at least 1,000 Bitcoins.
Previous ATH of 2,362 was observed earlier today
— glassnode alerts (@glassnodealerts) January 8, 2021