- At press time, Bitcoin trades at $67,260 marking a 3.57% rise over the past day.
- Bitcoin transaction volumes remain subdued despite the resurging BTC value.
- Bitcoin Dogs await token claiming and exchange listing with bated breath.
Bitcoin (BTC) has surged back into the spotlight, with its price hitting a high of $67,744 in the past 24 hours.
This surge in value comes just in time for the much-anticipated exchange listing of 0DOG, the native token of Bitcoin Dogs.
BTC price moves out of consolidation
The recent Bitcoin price surge comes after a period of consolidation and uncertainty in the cryptocurrency markets that followed Bitcoin’s ascent to its new ATH of $73,750.07 11 days ago.
Analysts attribute Bitcoin’s recent price surge to several key factors. One significant factor is the growing interest from institutional investors and Wall Street in spot Bitcoin ETFs listed on Nasdaq. This influx of institutional capital into the cryptocurrency markets has contributed to the upward momentum of Bitcoin’s price.
Furthermore, the concentration of trading volume within these ETFs has led to a surge in Bitcoin’s value.
However, despite the soaring price, on-chain transaction volumes in terms of US dollars remain subdued compared to the levels witnessed during the bull market of 2021. This discrepancy suggests a prevailing sentiment among investors to hold onto their Bitcoin, anticipating further price appreciation.
In addition, even with Bitcoin hitting a record high of $73,750, there is a noticeable decline in economic transactions on its blockchain.
Analysts from Blockware Solutions highlight a discrepancy between the soaring price and the muted on-chain dollar volume. Current data shows average transfer volumes to be under $200,000, a stark contrast to the 2021 bull market where figures exceeded $1 million.
However, Blockware Solutions analysts further speculate that a significant Bitcoin price movement will precipitate an increase in on-chain volume as seasoned Bitcoin holders may begin moving assets to exchanges for sale.
The data also shows a growing portion of Bitcoin that has remained inactive for 3 to 4 years, reflecting the confidence of long-term investors. Projections from experts suggest that Bitcoin’s price could ascend to six figures in the near term. For instance, Standard Chartered projects that it will breach…