Bitcoin has become one of the strongest growing assets, with the token entering the top 10 assets by market capitalization. Bitcoin has surpassed giants like Facebook and Saudi Aramco as well as traditional assets like silver, ranking seventh with a market cap of nearly $2 trillion. Furthermore, the token has seen the highest increase compared to other assets, indicating that Bitcoin may just be beginning its prosperous journey.
Currently, the price of BTC has soared to over $97,000, rising nearly 5% since the early trading session, but the cryptocurrency market remains relatively calm. Most altcoins are either fading away or maintaining tight consolidation. This indicates that traders and whales have been focused on Bitcoin, which could further help the price maintain a sharp upward trend after reaching the $100,000 milestone.
Tether minted 9 billion new USDT tokens.
Additionally, one of the main catalysts that may drive the price of BTC higher could be the issuance of Tether (USDT). The issuance of new USDT is typically to meet demand while also ensuring sufficient liquidity within the ecosystem. According to data from Lookonchain, the treasury has been continually minting new USDT tokens and injecting them into the market, helping BTC's price rise to these levels.
Data shows that a few hours ago, the treasury minted 1 billion USDT tokens, totaling nearly 9 billion tokens minted since November 8, 2024. Previously, the BTC price rebounded from a monthly low of below $67,000, hovering between $75,000 and $76,000. Since then, the BTC price has increased by over 27%, with trading volume significantly rising, raising nearly $90 billion. This proves that the treasury plays a crucial role in providing liquidity and facilitating trading.
Whales are continuously accumulating BTC.
Another major catalyst driving the price of BTC higher is whale activity. Traders tend to follow whales as their activities directly impact market sentiment and ultimately affect prices. Whales have been continuously accumulating BTC, and according to Lookonchain data, this whale holds over 25,000 BTC.
This whale has accumulated over 3,200 BTC in the past two days, currently holding over 25,000 BTC, valued at over $2.13 billion. The quiet accumulation by whales is often considered a more bullish signal on the chart than any other technical indicators.
If these catalysts push the price of Bitcoin up, it may soon fade as it lacks support from retail traders responsible for maintaining the token's volatility. Therefore, if this is a true breakout, one can expect it to retrace below $94,000 for a retest, potentially leading to a continued rise to $115,000 before the end of 2024.
