Bitcoin (BTC) has surpassed the $41,000 mark for the first time since the Terra collapse in May 2022.
BTC is up by 5.4% in the past 24 hours and is trading at around $41,520 at the time of writing — marking a 20-month-high. The asset’s market cap is currently standing at $812.5 billion with a market dominance of 52.7%.
As the price surge comes, Bitcoin’s daily trading volume recorded a 49% rally, reaching $23.6 billion.
According to a crypto.news report, the latest BTC surge has put 80% of the asset’s holders in profit. Bitcoin’s profitability, per data from IntoTheBlock, has reached a two-year-high.
Per data provided by the market intelligence platform Santiment, the number of active Bitcoin wallets registered a 6.4% rise over the past 24 hours — hiking from around 863,600 to 919,410 daily active addresses.
Moreover, Bitcoin’s total open interest (OI) also recorded a slight upward momentum as the price surpassed the $40,000 mark earlier today. Per Santiment, BTC’s total OI rose from $7.5 billion on Nov. 3 to $7.56 billion at the time of writing.
Data from Santiment shows that long-position holders are dominating the asset as the total funding rate aggregated by Bitcoin stands at 0.008%. When the funding rate hovers at the positive side of the chart, it indicates the investors are longing the asset and vice versa.
On the other hand, Bitcoin’s whale activity has been constantly declining over the past four days. According to Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC reached a local top of 10,591 per day on Dec. 1 and registered a 36% drop in the mentioned timeframe — currently standing at 6,786 unique transactions over the past 24 hours.
According to the crypto analyst Ivan On Tech on YouTube, the Bitcoin price could reach the $50,000 mark before the year ends.
Read the full article here