The biggest cryptocurrency on the market, the Bitcoin (BTC), managed to reach a new 17-month high on October 25, trading at a value of US$35,116, according to data shared by cryptocurrency analysis platform, Santiment.
In its analysis, the platform also noted that cryptocurrency market capitalizations are growing as the SP500 registers a decline, suggesting that two years of dependence on Bitcoin and altcoins in stocks is over.
“Bitcoin reached a new 17-month high again today. Even better, crypto market caps are growing as the SP500 declines. This suggests that $BTC and altcoins’ 2-year reliance on stocks is over, a typical recipe for bull market conditions,” he wrote.
🥳 # Bitcoin scratched its way to a new 17-month high again today. Even better, #crypto market caps are growing as the #SP500 declines. This suggests that $ BTC's & #altcoins'2-year reliance on #equities is gone, a typical recipe for #bullmarket terms. https://t.co/XXFph87pj6 pic.twitter.com/nVCqyt9t4Z
- Santiment (@santimentfeed) October 25, 2023
At the time of publication, the Bitcoin price it was quoted at US$34.026,24, down 0.5% in the last 24 hours. The cryptocurrency recorded a trading volume of US$21.412.224.699 during this period.
Bitcoin has been showing quite significant increases in recent days. The largest cryptocurrency has seen 19.9% growth in the last seven days.
Bitcoin rally just beginning?
Bitcoin (BTC) has seen its price soar in recent days amid euphoria following the court decision in favor of management company Grayscale Investment to convert its fund into a spot Bitcoin ETF, in addition to signs of the possible launch of a BTC ETF by BlackRock .
On October 24, Bitcoin managed to record a record price when it reached the level of US$35,2 thousand. O milestone is historic as it happened for the first time since May 2022, according to data from cryptocurrency analytics platform Santiment.
Amid the peak reached by cryptocurrency, the bullish rally in Bitcoin price Will continue? The analytics platform noted that the combination of three positive moves recently suggests the rally may just be beginning.
“Bitcoin rose to $35,2 today, reaching the all-time price level for the first time since May 2022. Whale transactions, address activity, and movement of dormant coins suggested a continued rise and triggered what could be just the beginning,” he wrote.
