Bitcoin Surges Above $52K As Stablecoin Market Caps Rise

Bitcoin has made a significant breakthrough, surpassing the $50K mark for the first time since December 27, 2021.

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.

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 Over the past two months, Sun has withdrawn a total of 1,677 BTC ($75 million) from Binance, averaging at $44,741 per BTC.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.

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.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: bhubeth/123RF // Image Effects by Colorcinch

Via: https://themerkle.com

Share this article:

Leave a Reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

The reCAPTCHA verification period has expired. Please reload the page.