Story Highlights
Bitcoin’s rising price and dominance show bulls and whales are confident in the coin
In addition, several other factors have also contributed to the rise in BTC price, suggesting that the token still has more room to grow after reaching the $100K milestone.
Bitcoin marked itself as one of the strongest assets in terms of growth as the coin entered the top 10 assets by market cap. Bitcoin surpassed leading giants such as Facebook and Saudi Aramco as well as traditional assets such as silver to rank 7th with a market cap of nearly $2 trillion. Moreover, the coin has seen the highest gains compared to other assets, suggesting that Bitcoin may have just begun to flourish.
Currently, the BTC price has surged above $97,000, up nearly 5% since the early trading session, but the cryptocurrency market remains largely calm. Most altcoins are either dying or holding tight consolidation. This shows that traders and whales have been focusing solely on Bitcoin, which could further help the price maintain a steep uptrend even after reaching the $100K milestone.
Tether Mints 9B New USDT Tokens
Apart from this, one of the main catalysts that could trigger a rise in BTC prices could be the minting of Tether (USDT). New USDT is usually created to meet demand and ensure sufficient liquidity within the ecosystem. According to data from Lookonchain, the Treasury is constantly minting new USDT tokens and injecting them into the market, which helps BTC prices rise to these levels.
Data shows that the Treasury minted 1B USDT tokens a few hours ago, and nearly 9B tokens have been minted since November 8, 2024. This is after the BTC price rebounded from the monthly low below $67,000 and hovered between $75,000 and $76,000. Since then, the BTC price has risen by more than 27%, and the trading volume has increased significantly, raising nearly $90 billion. This proves that the Treasury is a major player in providing liquidity and facilitating transactions.
Whales continue to accumulate BTC
Another major catalyst driving BTC prices higher is whale activity. Traders tend to follow whales because their activities directly affect market sentiment and ultimately prices. Whales have been accumulating BTC continuously, and according to Lookonchain data, this whale owns over 25,000 BTC.
This whale has accumulated over 3,200 BTC in the past 2 days and currently holds over 25,000 BTC, worth over $2.13 billion. Silent accumulation by whales is often considered the most bullish signal than any other technical on the chart.
If these catalysts drive a rally in Bitcoin’s price, it could quickly fade as it does not have the support of retail traders responsible for maintaining the token’s volatility. Therefore, if this is a true breakout, a pullback to retest below $94,000 can be expected, leading to an extended run to $115 by the end of 2024.
