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Bitcoin Today 11/28/2024: BTC surpasses US$95,500 and Ethereum reaches 6-month high
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THE Bitcoin (BTC) price today was negotiated again above the level of US$95,500while the Ethereum (ETH)the second largest cryptocurrency by market value, reached its highest value in six monthsclose to US$3,700.
According to data from CoinGecko, the BTC rose 2.3% in the last 24 hours and, at the time of writing, it is costing $95,507. It is important to note that Bitcoin was traded above US$97,000 last night, but did not sustain this mark.
The fall in the price of Bitcoin, which failed to reach the long-awaited US$100,000 mark, is related to the profit making by investors.
As Glassnode pointed out in a recent report, long-term BTC holders have distributed 507,000 coins since September. This represents a substantial release of a supply previously inactive. For the company, this activity is critical to price discovery. This is because it is reintroducing large volumes of supply into liquid circulation.
What to expect from Bitcoin?
Experts suggest that the lack of substantial trading volume in the $88,000 range may require a price pullback to establish stronger support before the cryptocurrency can confidently break through $100,000.
While Bitcoin fluctuates, Ethereum operates at a high. In the last 24 hours, altcoin price jumped 5%according to data from CoinGecko. At the time of writing, the ETH trades at $3,633. This is the highest price since May.
Crypto analyst Rekt Capital highlighted that Bitcoin’s price range, between $91,000 and $100,000, may favor greater appreciation of Ethereumas well as stimulating the flow of capital to smaller altcoins.
In an analysis, Rekt Capital stated that Ethereum would need a weekly close above $3,650 to break previous June resistance. According to him, this would pave the way for ETH hits $4,000with possibilities of achieving $4,500 if it exceeded historical levels.
One of the main factors that have supported Ethereum’s recent momentum is the exchange-traded funds (ETFs) institutions in the United States. Preliminary data from Farside Investors showed that the nine Ether ETFs recorded an aggregate flow of US$145.7 million on November 27the highest value in two weeks.
While Ethereum “shines” and Bitcoin attempts a recovery, other altcoins also record small daily appreciation.
Bitcoin Today 11/28/2024: BTC surpasses US$95,500 and Ethereum reaches 6-month high
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Bitcoin Today 11/28/2024: BTC surpasses US$95,500 and Ethereum reaches 6-month high
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Bitcoin Today 11/28/2024: BTC surpasses US$95,500 and Ethereum reaches 6-month high
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Bitcoin Today 11/28/2024: BTC surpasses US$95,500 and Ethereum reaches 6-month high
