Following Bitcoin’s recent rally, Julio Moreno, head of research at CryptoQuant, predicts that the world’s largest cryptocurrency is approaching a new all-time high (ATH). The entire crypto market is abuzz with Bitcoin’s recent performance, which has seen it grow by 8.6% in 7 days. Yesterday, the asset attempted to break through its all-time high, surging to $73,562. However, it failed to surpass its previous all-time high of $73,737 and subsequently fell back into the sub-$73,000 price range.
Bitcoin is about to reach a “new” all-time high
Currently, Bitcoin’s price is $72,449, still within range of registering new all-time highs, a view also expressed by CryptoQuant’s head of research.
- advertise-
“Bitcoin is approaching a new all-time high,” Moreno asserted.
In an analysis, Moreno shared a chart showing the price ranges realized on-chain by Bitcoin traders. The data reveals different levels of Bitcoin price valuation, including a realized value among traders of $60,364. According to Moreno, the $84,510 ceiling represents Bitcoin’s next target from a valuation perspective.
Reaching the $84,510 target would mark a new all-time high for Bitcoin, which would be 14.61% higher than the previous record set in March 2024. At press time, Bitcoin would have to rise 16.64% from its current price to reach its upper bound target of $84,510.
Bitcoin market share exceeds 60%
Although it is unclear when Bitcoin will reach that target, BTC has been on an uptrend since the beginning of the week. Amid Bitcoin’s latest rally, the global crypto market cap has surpassed $2.5 trillion.
- advertise-
Interestingly, Bitcoin’s market dominance exceeded 60% for the first time since March 2021. According to data from TradingView, Bitcoin’s dominance reached 60.14% at approximately 21:00 (UTC) yesterday.
As Bitcoin experienced a slight correction, its dominance also dropped to 59.96%. Additionally, Bitcoin’s market capitalization retreated from its daily high of $1.45 trillion to $1.43 trillion.
Currently, the market shares of Ethereum (ETH), Binance Coin (BNB) and Solana (SOL) in the crypto market are 13.46%, 3.68% and 3.51% respectively.
Bitcoin Market Dominance
Meanwhile, several crypto stakeholders are optimistic about Bitcoin’s prospects. Earlier this week, Matthew Siegel, head of digital asset research at VanEck, predicted that Bitcoin could hit an eye-popping $3 million in the next 26 years, specifically by 2050.
By then, Siegel envisions BTC becoming a global reserve asset, with central banks’ allocations reaching 2%. He also predicted that Bitcoin could potentially be used in international trade.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the views of The Crypto Basic. Readers are advised to perform adequate research before making any investment decisions. The Crypto Basic is not responsible for any financial losses
English 
Chinese (Hong Kong) 
Chinese (China)