Business News Asia
Bitcoin is up 4.3% at $63,041 as buying follows the recent downturn.
Investors should brace for further volatility before the crypto market targets another record high.
Bitcoin has slowed somewhat after a recent drop to $60,000. But Bitcoin’s capitalization rate and the cost of holding long positions in futures contracts remain near record levels.
Recent statistics show that higher buying volumes are often followed by market sell-offs to correct. Just as BTC saw in September after a sell-off in May led to a surge in buying.
The long-term supply has dropped by around 39,5000 BTC in the last two weeks. However, that has started to recover, indicating that most coin holders are still expecting and waiting for higher prices.
Another factor behind the strong demand: the crypto market continues to attract investment money. Last week, a record-breaking $1.47 billion flowed into the digital asset market.
The total market capitalization is $2.614 trillion. That’s below the peak of $2.681 trillion.
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Tuesday, October 26, 2021