Bitcoin Approaching New All-Time High, According to CryptoQuant Research
After experiencing a recent surge, Bitcoin is on the verge of reaching a new all-time high (ATH), according to Julio Moreno, the head of research at CryptoQuant. The cryptocurrency market has been buzzing with excitement over Bitcoin’s performance, which has resulted in a 7-day growth of 8.6%. Yesterday, Bitcoin attempted to break its previous ATH by reaching $73,562, but it fell short and dropped below $73,000.
Currently priced at $72,449, Bitcoin is still within range of achieving a new ATH, as Moreno confirms. In an analysis, Moreno shared a chart displaying Bitcoin’s Trader on-chain Realized Price Bands, which showed various levels of price valuations. One notable valuation is a trader’s realized value of $60,364. Moreno believes that Bitcoin’s next target from a valuation perspective is the upper band of $84,510.
Reaching this target would mark a new ATH for Bitcoin, surpassing the previous record set in March 2024 by 14.61%. Currently, Bitcoin would need to rise by 16.64% from its current price to reach the upper band target of $84,510.
Bitcoin’s dominance in the crypto market has also been significant, exceeding 60% for the first time since March 2021. This occurred as Bitcoin’s market cap reached over $2.5 trillion amidst its upward trajectory. However, after a slight retracement, Bitcoin’s dominance dropped to 59.96%, with its market cap settling at $1.43 trillion.
Meanwhile, Ethereum (ETH), BNB (BNB), and Solana (SOL) currently dominate the crypto market with 13.46%, 3.68%, and 3.51% respectively.
Despite the fluctuations, many crypto stakeholders remain optimistic about Bitcoin’s future. Matthew Sigel, the head of digital asset research at VanEck, projected that Bitcoin could reach an astonishing target of $3 million by 2050. Sigel envisions Bitcoin becoming a global reserve asset with a 2% central bank allocation and being used in international trade.
It is important to note that this content is informational and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions.