Bitcoin has made a significant breakthrough, surpassing the $50K mark for the first time since December 27, 2021.
🥳 #Bitcoin has officially climbed above $50K for the first time since December 27, 2021. #Stablecoin market caps have risen significantly, with $11.4B more added in just 4 months. $5M+ whale wallets have accumulated 2.32% of the top 6 stables in 4 weeks. https://t.co/Jp6tTaStnN pic.twitter.com/yFG3keICUG
— Santiment (@santimentfeed) February 12, 2024
Stablecoin market caps have also experienced a notable increase, with an additional $11.4 billion added in just four months. Whale wallets, holding over $5 million, have accumulated 2.32% of the top six stablecoins within the past four weeks.
🚨 UPDATE: Total #crypto market cap is currently above $2 trillion 🔥🚀
✅ #Bitcoin’s dominance is currently 52.61% with $1 trillion MC 🔥🚀
✅ #Ethereum at $327,687,869,622 🔥🚀 pic.twitter.com/axR95VXHTP— CoinEcho (@mycoinecho) February 14, 2024
On-chain reports revealed that Justin Sun withdrew 519 BTC ($24.85 million) from Binance before the BTC price surged. Over the past two months, Sun has withdrawn a total of 1,677 BTC ($75 million) from Binance, averaging at $44,741 per BTC.
Over 375,000 Addresses Has Bought About 119.48K Bitcoin
Data analysis from @intotheblock highlights that approximately 375,000 addresses purchased around 119.48K BTC ($6 billion) at an average price of $50,227.81. With Bitcoin currently trading at $49,818, these addresses may experience selling pressure once their positions break even.
Justin Sun withdrew 519 $BTC($24.85M) from #Binance before the $BTC price increased 6 hrs ago.
And #JustinSun has withdrawn a total of 1,677 $BTC ($75M) from #Binance in the past 2 months, with an average price of $44,741.https://t.co/XHYYlBqdyU pic.twitter.com/veWAFPV1Uv
— Lookonchain (@lookonchain) February 12, 2024
Market sentiment studies suggest that long-term Bitcoin holders undergo emotional phases during bullish cycles, starting from relinquishment, moving through optimism, belief, and hope, and concluding with a brief period of anxiety during price declines. The market then transitions back into a belief phase, indicating potential future gains.
Recent market trends indicate a transition back into the belief phase after a period of concern. This shift suggests that while Bitcoin may continue its upward momentum, there could be further increases before reaching the peak of the bullish cycle, signifying potential future gains.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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