Analytics platform CryptoRank revealed that the price of Bitcoin has jumped 6% since the start of the year. The research firm also reported an increase in XRP (+16%), $ADA (+25%), $XLM (+32%), SUI (+26%), and other L1 assets.
The analytics platform also revealed that Bitcoin’s market capitalization increased by 0.48% to $3.74 billion. The data also indicates that BTC dominance increased by 0.44% and the Fear & Greed Index reached 76, indicating extreme market greed.
Bitcoin Retakes $100,000 Once Again
Bitcoin started the year on a strong note, hitting the $99,765 mark and gaining over 6% in price appreciation. The price rally renewed investor optimism, but selling pressure continued to cap the price below the psychological $100,000 level until today, as BTC just crashed and comes to recover $100,000.
Ki Young Ju, CEO of CryptoQuant, believes that old whales could be the reason for the fall in BTC prices at such a critical moment in the cycle. Young revealed in a recent analysis that veteran BTC holders had unloaded significant amounts of BTC. He noted that over-the-counter (OTC) trading plays a major role in the recent selling pressure.
Ki Young Ju believes the controlled selling strategy demonstrates a calculated approach by seasoned investors balancing profit-taking and market stability.
Over the past few weeks, BTC market dynamics have shifted from extremely bullish to concerns about a possible correction. For now, the cryptocurrency has regained an optimistic outlook as investors celebrate the resurgence of $100,000.
Young also revealed that buying pressure was coming from US companies like Coinbase. Yet it is stated that the company’s daily premium, which is a key indicator of institutional demand, is at its lowest level in two years. Young believes this suggests that while institutional players are involved, they still do not have enough momentum to propel Bitcoin towards its next major rally.
The CEO highlighted the need for institutional demand for BTC to maintain upward momentum in 2025. He believes this will allow Bitcoin to break through resistance levels and continue to advance.
Crypto tycoons expect Bitcoin to respect current support
The price of Bitcoin just crossed $100,000 at press time, instilling cautious optimism among investors. Investors view this level as crucial in BTC price action, expecting a potential push towards the ATH. A breakout above the $100,000 level is crucial as it will trigger a decisive uptrend that could pave the way for new all-time highs.
The last day of 2024 saw Bitcoin retesting the $92,000 range, which was a key demand level. Once the year started, BTC respected the support level and soared higher. data in chain suggesting that the price of Bitcoin
Monero suggested that the $80,000 mark is unrealized profits, meaning traders have little incentive to sell more at these levels. Monero analysis indicated that traders locked in profits, but persistent demand and bullish market sentiment may not result in a sharp correction to the $80,000 mark.
Institutional buying, led by Microstrategy, has been one of the main drivers of Bitcoin in 2024. The company acquired over 423,650 BTC at the end of last year. After each public announcement, the company’s former CEO, Michael Saylor, inspired confidence among retail and institutional investors.
Saylor teased Bitcoin Monday with a photo of the Saylor Trac a viral graphic that trac company purchases. The company has $44 billion worth of BTC as of Monday, and a capital of 2 billion dollars is expected in its “21/21 Plan” announced in the first quarter 20-25 .
The company said its decision whether to proceed with the offering is subject to market conditions.
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