Bitcoin’s price rose 20%, reaching US$68,800 in the past two weeks.Analysts Discuss Bitcoin’s Surge Past $68K
Despite high-profile endorsements at the Bitcoin 2024 conference, the immediate price impact was minimal, as some of the news has been priced in.
Glassnode highlights a recovery for Short-Term Holders, with their investments turning profitable again.
Over the past fortnight Bitcoin has posted some solid gains, going from around US$57,000 (AU$86,861) to US$68,800 (AU$104,831), a 20% gain. The Bitcoin 2024 conference in Nashville, Tennessee is over – and while it featured some interesting revelations – it didn’t do all that much for the price of BTC.
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Then again, the rumours surrounding the conference had been swirling around for some time. Trump was believed to announce Bitcoin as a strategic reserve asset and that’s just what he did. Robert F. Kennedy Jr. did the same, actually a day earlier, when he said that if elected, he would keep 200,000 confiscated BTC and buy up to 4 million BTC.
So, why did BTC not immediately take off? @DaanCrypto said in a tweet that the market probably needs to digest the news first and that some of it had already been priced in.
Trading Volume Shifts to BTC, ETH, SOL as Social Comments Turn Bullish
Analysts at Santiment pointed to a surge in trading volume of major cryptos such as Bitcoin, Ethereum and Solana. The resulting increase in liquidity and profitability often leads investors to explore further opportunities, they added. This typically includes layer-2s and smaller, more speculative assets, seeking to capitalise on their potential for high returns.Analysts Discuss Bitcoin’s Surge Past $68K
Additionally, the social sentiment seems to be shifting. According to the analysts, the recent rally has propelled the ratio of positive to negative comments about Bitcoin to its highest point since March 2023, putting an all-time high price back into consideration among traders.
Glassnode: Short-Term Holders are in the Green
The recent rally in Bitcoin has notably improved the financial outlook for Short-Term Holders (STHs), who experienced over 90% of their holdings falling into a loss in late July.
According to Glassnode, “This rally has now broken back above the STH cost basis and returned 75% of their held supply to an unrealized profit.”
This recovery is tracked by the STH-MVRV (Market Cap / Realised Cap) metric, which has risen above the break-even level of 1.0, indicating a return to profitability across various sub-groups of recent buyers, ranging from those who purchased days ago to those nearing the six-month mark, the analysts added.
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