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Bitcoin Today 12/17/2024: BTC renews historic top and ETH seeks to do the same
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Unlike the last two days, the Top 10 cryptocurrencies registered strong appreciation this Tuesday (17). Bitcoin (BTC) rose 2.4% and reached US$ 107 thousand, renewing its historic high. This also occurred in Brazil, where BTC reached R$655 thousand and made a new top in reais.
Part of this movement occurred because of the devaluation of the Brazilian real, which had a sharp drop. The price of the dollar rose 1.16% on Monday (16) and closed the day at R$6.14. As a result, the US currency had its highest price since the launch of the real in 1994.
With the appreciation of Bitcoin, the vast majority of the most valuable cryptocurrencies on the market also recorded gains. The price of XRP, for example, rose 11.2% and led the Top 10 gains in the morning. The leader of the Top 100 was the STAU token, which appreciated 18.3% in the last 24 hours.
Finally, the Ethereum (ETH) finally broke the $4,000 barrier again and increased by 1.9% in the last 24 hours. If the cryptocurrency is successful in consolidating this rally, investors could see ETH breaking new all-time highs soon.
Whales accumulate Ethereum and lead appreciation
According to data from blockchain analytics platform Santiment, the total number of Ethereum wallets with at least 100 thousand ETH has reached 104. The data shows that these wallets concentrate 57.35% of the total ETH supply, worth US$333.1 billion.
However, investors with less than 100 ETH account for just 9.19% of the cryptocurrency’s total supply. This drop has seen the number of small holders reach the lowest level since January 2021. The positive side is that 92% of ETH holders are currently in profit.
On the other hand, wallets with between 100 and 100 thousand ETH fell to 33.46%the lowest level in all history. Santiment noted that ETH concentration brings a long-term bullish signal. As these investors tend to stay long longer, concentration can lead to further price gains.
In this regard, cryptocurrency analyst Venturefounder noted that ETH’s recent close above the $3,800 support on the weekly chart confirms the uptrend. Ethereum’s “cup and handle” pattern is unfolding, signaling bullish momentum.
Upcoming price targets include a retest of the all-time high at $4,900followed by milestones at $5,349, $6,457 and $7,238. Venturefounder predicts that this upward trajectory could materialize by the end of the first quarter of 2025 at the latest.
This growth was also due to increases in the volumes of Ethereum ETFs, which continue to grow. Last week, the funds reached the US$3 billion mark in assets under management with a strong increase in demand. Which could catalyze new price rises not only in dollars, but also in Bitcoin (BTC).
Bitcoin Today 12/17/2024: BTC renews historic top and ETH seeks to do the same
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Bitcoin Today 12/17/2024: BTC renews historic top and ETH seeks to do the same
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Bitcoin Today 12/17/2024: BTC renews historic top and ETH seeks to do the same
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Bitcoin Today 12/17/2024: BTC renews historic top and ETH seeks to do the same
