Bitcoin Surges Past $79k as Whale Investors Fuel Crypto Rally
The cryptocurrency market saw significant gains on Monday as investors' risk appetite increased. This surge in demand was partly driven by whale investors' purchases, which ended a two-month buying drought. Strategy Inc., for instance, bought $370 million worth of Bitcoin, sending its price to an intraday high of $79,247.
The trading volume jumped 43% as a result, with Ethereum, XRP, and Dogecoin also experiencing gains in the green. The cryptocurrency market capitalization rose by 1.05% from the previous day, reaching $2.65 trillion.
Even though there was a notable spike in open interest for Bitcoin, topping 2.60%, Binance Long Traders' long exposure declined sharply over the past few days.
According to Michael Terpin, CEO of Transform Ventures and author of 'Bitcoin Supercycle,' the recent rally is a confirmation that a 'very long march to the next bull market' has begun. He advised starting Dollar-Cost Averaging now but emphasized that even if a pullback occurs, Bitcoin should not fall below $70,000.