Bitcoin turned its more stagnant stance into a more offensive one on the last day of last week. The top coin picked up momentum and surged – retesting its all-time and flipping it. According to Cryptocurrencies to Watch, the world’s largest coin by market cap hit $68,564 – sealing a new ATH.
The idea of making money in sleep comes alive again as most traders are oblivious to the new ATH- sparking minimal reactions on social media platforms. Nonetheless, president Nayib Bukele was one of the first to react to the milestone as he tweeted that Bitcoin is at $68,000 and more schools are coming… By the way the new vet hospital we just announced, is coming fast… Really fast!.
The number of inactive bitcoin supplies has soared to a record high 85% over the last three months. Additionally, the number of new buyers is also on the rise. The two highlighted factors are some of the forces behind the new ATH.
Previous predictions also have it that it is easy to conclude that we may expect a continuation of the uptrend throughout November as we note that the most valued coin gains 52% on average. The highest increase the largest coin by market cap had during this time is 470%, while the lowest loss is estimated at -32%.
Based on the average profit the coin enjoys every month, we may expect at least a 20% increase in the next 30 days. BTC’s current price suggests that the coin is up by more than 7% in the last seven days. Will the 20% prediction hold?
Threat At $70k
The current feat of the most valued crypto asset has sparked anticipation for $70,000. Although many traders believe bitcoin could hit this mark, the majority are set to take profit within $69,000 and $69,600.
The $70k mark is one BTC has never attained, and to reach the same buying pressure that propel the largest coin to the recent all-time high must be revived as traders are taking profit from the market.