Bitcoin just displayed its biceps, breaking beyond the $38,300 barrier for the first time in more than a year. This bullish surge, which occurred on Friday, November 25, put a bright spin on a week that saw Changpeng “CZ” Zhao leave Binance, the world’s largest crypto exchange.
According to Santiment, a blockchain analytics platform, this leap above $38,000 may not be a passing fad, but rather a glimpse into a more hopeful trajectory if Bitcoin can maintain its current speed.
Santiment’s post on X delves into the dynamics behind Bitcoin’s recent price push. While the crypto has experienced a correction post-surge, the climb marked its highest point since May 5, 2022.
Among the various factors contributing to this upward movement, Santiment highlights the significant role played by the largest Tether (USDT) addresses.
On-chain data reveals that the top 100 largest Tether addresses injected a notable $1.67 billion into the market over the past six months, signaling a substantial 9.7% increase in buying power.
As of the latest update, Bitcoin is valued at $37,834, reflecting a 1.1% uptick in the past 24 hours. Despite a relatively subdued week, BTC has managed to notch nearly a 4% growth in the last seven days, as per CoinMarketCap data.
With a market capitalization of around $739 billion, Bitcoin retains its position as the reigning champion in the cryptocurrency landscape.
Ava Patel's expertise lies in creating engaging and informative content about the latest trends and opportunities in the crypto space. Her writing is known for its clarity, accuracy, and ability to convey complex concepts in a way that is accessible to both novice and advanced readers.
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