Bitcoin Price Climbs Above $93,000 to Set a New All-Time High

Bitcoin prices rose sharply on Wednesday, November 13, blowing past the $90,000 level and setting a new record as the digital currency benefited from rising demand.

Bitcoin prices soared on Wednesday, blowing past the $90,000 level and setting a new record as the digital currency benefited from rising demand.

The world’s most prominent cryptocurrency, which had a total market value of roughly $1.8 trillion at the time of this writing, reached roughly $93,500 that day, Coinbase figures from TradingView show.

Several analysts pointed to evidence of greater demand from global investors for the digital asset to explain the latest appreciation.

Julio Moreno, head of research for CryptoQuant, highlighted how the amount of bitcoin held by so-called whales, which in this particular case hold between 1,000 and Pardavimas,000 units of the cryptocurrency, has been rising sharply as of late.

He shared the chart below to illustrate this trend:

Total bitcoin held by whales (between 1k and 10k bitcoin)

“This is interesting, it shows the 30-day growth in holdings of Whale addresses (excluding exchanges and mining pools) accelerating again,” Moreno stated via Telegram.

“This can be interpreted as growing Bitcoin demand from large holders,” he said.

Marc P. Bernegger, cofounder of crypto fund of funds AltAlpha Digital, also chimed in, stating via email that “Now retail investors are coming back in a massive way and this is the driver of this phase of the bull run.”

“A good indicator is the ranking of trading apps like Counbase in app stores,” he noted.

Olivier Mammet, head of US OTC trading at Gemini, also offered his perspective on the matter.

“After failing to break above the $90,000 level multiple times yesterday, the market finally managed to move higher, making a new all-time high at around $93,000,” he stated through emailed comments.

“We can assume that the market got the extra support it needed after a new day of strong inflows into ETFs ( $812 million for November 12th),” Mammet said. “It should also be noted that the trading activity over the past couple of days has been fairly orderly, with few massive liquidations or swings of volatility.”

The expert offered additional nuance on the digital currency markets.

“To understand what drove the latest gains, we can look closely at funding levels and the futures basis, which shows that they remain in healthy territory around 12%. This is low given how strong a bull market we are experiencing,” he noted.

“Finally, by looking at market maker’s positioning on options, we have seen lots of buyers with high strike call options pre-election ($80,000, $90,000, $100,000, and even $150,000), suggesting they are very bullish. As such, it is fair to assume that a few market makers have been caught off-guard and therefore are forced to pay more to cover their exposure, contributing to the buying pressure and growth.”

George Kailas, CEO of Prospero.ai, also spoke to the situation, outlining a short list of causal factors that drove bitcoin’s latest gains.

For starters, he mentioned “A very real expectation of increased demand driving up prices” via a Google Doc he shared containing his input.

“Trump has said he would make BTC a reserve currency,” Kailas noted.

“That kind of government demand for a security could not only drive up price and perceived value but it could also spur other governments to make similar moves as to not be perceived as being behind the times. If other countries started to follow suit that could have exponential effects on an already Bullish move.”

Further, he emphasized that “Trump Coin saw a big boost after he won the election. Having exposure to this market himself makes people draw the line that the regulatory market will get more friendly towards Cryptocurrencies.”

“He said at the Nashville conference he would fire Gary Gensler twice to raucous cheers,” “Thus giving more hope to a friendlier regulatory environment which would also be prince accretive because clarity on the laws around Crypto (where there isn’t much currently) would attract more talent and dollars to the space,” Kailas noted.

Finally, he stated that “These currencies can move at breakneck paces up (and down) even without tangible reasons to be optimistic like the ones laid out above. With it the frenzy of Social Sentiment raises the perceived value and creates a momentum that it might be hard to break even if BTC goes beyond what could be considered fair value for these events.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.

The above is the detailed content of Bitcoin Price Climbs Above $93,000 to Set a New All-Time High. For more information, please follow other related articles on the PHP Chinese website!