- Bitcoin eyes $113K as market trends point to continued upward movement.
- Tether minted 2 billion USDT recently, adding to a total of 19 billion since November 6, fueling market activity.
- Whales purchased 20,000 BTC worth $2 billion in the last 24 hours, driving bullish momentum.
Bitcoin is solidifying its position as the market leader, showing promising signs of an upward trajectory. The cryptocurrency is capturing the spotlight with strong bullish performance and a sustained surge in market activity.
At the time of writing, BTC is trading at $99,550, backed by a 24-hour trading volume of $137.32 billion and a market capitalization of $1.97 trillion, representing a dominance of 53.43%. Over the past 24 hours, the price has increased by 1.31%, signaling steady growth.
Tether’s USDT Minting Fuels Market Liquidity
Recent data from Spot On Chain highlights Tether’s aggressive minting activity. Just six hours ago, Tether issued 2 billion USDT on the Ethereum network. This brings the total minted since November 6 to 19 billion USDT, distributed across Ethereum and Tron. Notably, 4 billion USDT was minted in the past four days alone, funneling liquidity into exchanges.
This influx of stablecoin liquidity aligns with Bitcoin’s price movements, as the leading cryptocurrency has already crossed the $100K mark twice during this period. Such milestones underline the bullish sentiment permeating the market.
Whale Activity and Bitcoin Accumulation
Whale activity has intensified, with large holders showing increased confidence in Bitcoin’s long-term potential. Reports reveal that whales purchased 20,000 BTC, valued at approximately $2 billion, within the last 24 hours. This significant accumulation indicates growing institutional and individual investor interest, driving Bitcoin’s upward momentum.
Bitcoin Eyes $113K Milestone
Market experts remain optimistic about Bitcoin’s trajectory. A prominent market observer noted that historical trends suggest minimal pullbacks in the current setup. If these patterns hold, BTC could surge another 12% to surpass $113,386, solidifying its bullish trend.
The ongoing rally showcases Bitcoin’s resilience and the broader market’s confidence in its growth potential. With liquidity injection from stablecoins and strong whale support, BTC seems poised for new all-time highs, cementing its role as the flagship of the crypto market.
Related | Crypto Expert Warns: $10 Trillion Target May Be Unrealistic in Current Cycle
