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:理财)
-
20亿现金支持的“大鱼计划” “大鱼计划”是UC订阅号“W+量子计划”的升级,整体规模为20亿现金。...[详细]
-
Troy (TROY)怎么买?Troy (TROY)在哪里买卖交易?
3.天时地利,借力地铁引爆话题关注 地铁本身就是人流量相对集中和密集的城市基础设施,自带高爆性和话题性。...[详细]
-
他们的特征为: 他们是MOBA类游戏的重度玩家,有着多年的MOBA端游经验; 已经被培养起了对于MOBA类游戏的喜好和印象,甚至有明确的英雄、位置等的喜好; 他们对于手机端游戏的需求是简单而又明...[详细]
-
钻石展位价格连年攀升,很多小的企业不能小而美了,开始承受不了,你明明就是抛弃小公司转向大公司为何不敢承认? 马先生,我们这种挣扎了三年还是第二层级的商家,直通车和钻展一块多钱一个点击你教教我们怎么做...[详细]
-
当脑海中有一点点想法的时候,网站审计可以帮助运营者搞清谁在使用网站和如何优化网站以便更好服务这些人。...[详细]
-
以下是加密货币行业专家对 2025 年、2030 年和 2035 年柴犬价格的预测
如果一个公司真的能够不断获得市场份额,在一个市场化环境下获得集中度提高,那么他们应该获得估值溢价。...[详细]
-
而恰恰是消费者心理的这种不成熟状态为企业实施各种营销策略尤其是“饥饿营销”策略提供了条件。...[详细]
-
首席执行官JonahPeretti经常说,公司会在某个时间上市。...[详细]
-
将注意力引导到特定元素 留白让留白所包围的元素显得更加突出,如果你想让某个元素从整个设计中脱颖而出,用留白来突出它是最直接的办法。...[详细]
-
OKG Research:本周GENIUS法案与香港条例交汇 稳定币立法为何此时提速?
自己做模板,自己做添加元素,实现完全自助建站流程。...[详细]