Bitcoin price skyrockets to over 100000! Will there be a backlash in the near future?
With Trump's successful election as the next President of the United States in early November, the price of Bitcoin began to soar all the way. The increase in the past month has been close to 40%, and today (12/5) morning has soared to over 100000, and there is no obvious sign of any correction. This has caused many investors to have a "fear of heights" and worry about whether there will be a pullback. So, what are the reasons behind Bitcoin's strong performance? Will the future market adjust?
Where does the rise of Bitcoin come from?
Bitcoin currently has many positive narratives. For example, Trump himself has always been regarded by the market as a more inclusive presidential candidate for cryptocurrency. He has already expressed his support for bitcoin in public many times, and even said that the United States should consider bitcoin as a strategic reserve asset. And recently, some members of its team even suggested that the United States switch from selling gold to buying Bitcoin. These actions on the Bitcoin platform undoubtedly bring significant positive narratives to Bitcoin.
Driven by this positive narrative, a large amount of funds have been continuously buying Bitcoin in the past month, which has also contributed to the continuous rise of Bitcoin prices (click to see the latest analysis). With the launch of Bitcoin spot ETFs this year, relevant data from various Bitcoin ETFs can also reveal the current popularity of Bitcoin among funds. From the data, in the past month, Bitcoin ETFs have only shown net outflows on 6 trading days, while the majority of other trading days have been net inflows. It can be seen that various institutions are constantly buying Bitcoin.
At the same time, the balance and stock of Bitcoin on major exchanges have been showing a downward trend, indicating that the selling force is not strong at present, and buying is still mainstream, which determines that the recent selling pressure on Bitcoin is not particularly strong.
When will the Bitcoin market rebound?
So, in the current market sentiment, will Bitcoin return to its previous form? Based on current data from various sources, there is no sign of a short-term correction in Bitcoin. But this does not mean that the Bitcoin market can rest assured, as there are currently at least two potential destabilizing factors.
Firstly, it is the Christmas market. As is well known, whenever developed countries in Europe and America approach the Christmas holiday, investors and institutions tend to settle their positions and take profits. Therefore, this potential factor may put some selling pressure on the price of Bitcoin in the near future.
Secondly, the recent high increase in XRP has led to significant funding effects. The price of XRP has risen more than four times in the past month. Since Gray Gensler, the chairman of the US SEC who had previously been at odds with XRP, took the initiative to resign soon after Trump was elected, the market believed that XRP might get rid of the long-standing lawsuit, thus driving up the price of XRP. Not only that, there were even rumors circulating in the market that Elon Musk might invest in XRP, further raising the price of XRP. Due to the fact that XRP itself is already a high market value currency, after this wave of gains, its market value has risen to the third place in the cryptocurrency market, second only to Bitcoin and Ethereum. This growth rate is quite rare for a high market value token, thus creating a strong bloodsucking effect, causing funds that should have flowed into Bitcoin, Ethereum, or Solana to ultimately flow into XRP.
conclusion
The strong performance of Bitcoin in the past month cannot be separated from multiple drivers such as favorable policies, capital inflows, and market sentiment. However, in the short term, the market may face seasonal selling pressure and interference from the funding effects of other high market value currencies (such as XRP), and price trends may fluctuate to a certain extent.
For investors, in the current high price range, chasing price increases requires caution and attention to potential opportunities after a retracement. Meanwhile, in the medium to long term, the upward logic of Bitcoin remains strong and has good investment value. Under the dual influence of high market sentiment and external environmental changes, the future trend of Bitcoin will still be a wonderful 'game'.
About BingX
BingX Established in 2018, it is a leading global cryptocurrency exchange that provides diversified products and services such as spot trading, derivatives, copy trading, and asset management to over 10 million users worldwide. At the same time, it regularly provides market analysis of mainstream currencies such as Bitcoin and Ethereum prices to meet the needs of beginners to professionals at different levels. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to enhance their trading capabilities. In 2024, BingX Proudly becoming a major partner of Chelsea Football Club, marking its first exciting debut in the world of sports.
This article is provided by the official and does not represent the position or investment advice of our website. Readers must make their own careful evaluations.
(责任编辑:新股)
-
该新兴行业的一些大提供商已在寻求向海外扩张以获得规模效应。...[详细]
-
这位冰激凌机的推销员克罗克觉得这一创新非常了不起,最终花费270万美元买下了麦当劳的连锁经营权,从而推广到全球,到今天,很多知道的人都把克罗克当作麦当劳的创始人。...[详细]
-
【TechWeb报道】3月28日消息,拜师马云,在湖畔大学上课是一种怎样的体验?日前湖畔大学第三届开学典礼在杭州举行,湖畔大学校长马云还以“老师”身份,为湖畔大学第三届学生...[详细]
-
这时候,我们需要分析企业在这个阶段做过了哪些事情而导致企业品牌指数的增高,是做了一次营销活动?是公众号发布了一篇很好的文章?如果是因为某篇文章带来的用户之间互相转发、点赞等的利好效果,那么这篇文章...[详细]
-
在AlphaGo之外,Google不久前又发布了神经机器翻译系统(GNMT),并且将其投入到了难度系数颇高的汉语-英语翻译应用中,Facebook扎克伯格甚至表示人工智能就是下一个十年路线规划的核心。...[详细]
-
除了大环境影响外,穆剑认为,食材、房租、人力的不断升高是大部分传统餐饮行业衰落的根本原因。...[详细]
-
Magic Eden 与 Spark 合作,推出快速且低成本的比特币原生结算服务
以上三点我都做到了,也还没有成功,可见说这话的人也不是什么好人。...[详细]
-
当然,我们不能确定这次事件的两名女孩扫码扫出来的是微商直销还是创业,我们只能确定,这种行为对地铁乘客已经构成了骚扰。...[详细]
-
Metaplanet 收购 1,004 枚比特币,总持股量增至 7,800 枚比特币
不给天猫商家钱就没有流量 还是一起看我的这2倍的倍率是亏是赚,仔细推算过我的毛利率是10%,以下图形剖析: 再上传一张刚刚工厂发给我的7月份的出货单,像这样的单子文件夹已经一大...[详细]
-
主要提供的是服务,比如说给基金提供服务,然后基金分仓获得收入。...[详细]