Tuesday saw a significant breakout in the altcoin market, even as Bitcoin briefly dipped to $92.4K before staging a mild recovery.
Investors who seized the opportunity to buy speculative cryptocurrencies during the dip are now reaping the rewards. However, it’s important to note that Bitcoin has been the driving force throughout this bull cycle.
The Accumulation Trend Score reveals heightened buying interest in Bitcoin ($BTC), with elevated accumulation levels signaling robust investor confidence.
This trend underscores a shift in market dynamics, where Bitcoin is being moved off spot exchanges into cold wallets and derivatives markets.
This isn’t a case of panic selling. Instead, it indicates that traders are preparing for leveraged positions or securing their holdings for long-term storage.
Since Bitcoin broke the $100,000 milestone on December 5, Mt. Gox has been consistently transferring 200 to 300 BTC to B2C2 Group on a daily basis.
To date, Mt. Gox has moved a total of 3,631.87 BTC, valued at $364 million, to the group. These transfers highlight the increasing involvement of institutional players in the Bitcoin market.
Despite Bitcoin’s recent milestones, its spot ETF faced net outflows of $227 million on December 23, marking three consecutive days of withdrawals. The total net asset value of Bitcoin spot ETFs now stands at $105.084 billion.
While Bitcoin continues to dominate as the market leader, altcoins are gaining momentum, presenting lucrative opportunities for traders. As accumulation intensifies and institutional activity increases, Bitcoin remains a cornerstone of the ongoing bull cycle, despite temporary fluctuations.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: designer491/123RF // Image Effects by Colorcinch
TRON ended November as the top blockchain by fees, extending its dominance in payment infrastructure…
Prediction markets just locked in another breakout month. November closed with $14.3 billion in total…
Trust Wallet is stepping into a completely new lane. The CZ-owned self-custody wallet has launched…
Kraken has announced the acquisition of Backed, the tokenization platform behind some of the fastest-growing…
Sui Pauses & AVAX Rebounds While Zero Knowledge Proof’s 200M Daily Presale Auction Goes Live,…
Europe just shut down one of crypto’s longest-running shadows. Germany and Switzerland, backed by Europol,…