Bitcoin has surged past $109,000, setting a new all-time high and sparking speculation about further gains. Bitcoin push, crossed the $109,000 mark ahead of Trump’s inauguration, driven primarily by Korean market activity. U.S. investors have yet to contribute significantly to this rally, leaving room for further gains
The market has shown sustained bullish momentum over the past week, with Bitcoin [BTC] climbing 15.06%. This upward movement intensified in the last 24 hours, gaining 2.68% and reaching its new record high. Korean investors have played a pivotal role in this rally, supported by rising market sentiment and increased active Bitcoin addresses.
Bitcoin hits new all-time high
Bitcoin has reached a new all-time high, trading at $109,114.88 at press time on the 20th of January. BTC’s trading volume surged by 120.34% to $110 billion at the time of writing. Its market capitalization climbed to $2.13 trillion. This milestone comes just ahead of Donald Trump’s inauguration today. Market optimism surrounding his perceived pro-crypto stance may be fueling bullish sentiment.
The surge is further supported by an 11.47% rise in active Bitcoin addresses over the past 24 hours. Seven hundred ninety-eight thousand one hundred forty addresses were participating in on-chain transactions. Spikes in activity, alongside increases in price and trading volume, often show the potential for a sustained market rally. BTC’s momentum could gain further traction as investors respond to market dynamics.
Korean investors drive BTC surge
BTC’s recent high is closely linked to a rise in the Bitcoin: Korea Premium Index. This metric measures the relative strength of Korean retail investors by tracking the price gap between South Korean exchanges and others. The index reflects market sentiment, with values above the neutral zone (0), meaning bullish, and below this zone, showing bearish behavior among Korean investors.
The index stood at 4.42 at press time, indicating a significant price difference on South Korean exchanges and strong BTC purchasing activity. Comparing Coinbase prices to other exchanges, the U.S. Premium Index shows a negative reading of -0.1189. This suggests U.S. investors are currently selling BTC.
Although this might seem bearish, it highlights an opportunity for further price gains. U.S. investors, known for their market influence, have yet to enter the current rally. Bitcoin push, If they begin purchasing BTC following Trump’s inauguration, Bitcoin could experience another significant price jump.
BTC and ETH market cap gap hits record high
The market capitalization gap between BTC and ETH has reached an unprecedented $1.75 trillion, marking the largest differential in history. This indicates a significant shift in investor preference toward BTC, which is now attracting more capital than ETH, the second-largest cryptocurrency by market cap.
The widening gap could open an opportunity for investors to increase their BTC holdings or shift their focus away from ETH. This trend aligns with BTC’s prevailing bullish sentiment, potentially driving its price higher. Analysts suggest BTC could surpass $110,000 in upcoming market sessions if momentum persists.
Summary
Bitcoin has reached a new all-time high of $109,000, driven by strong bullish momentum, particularly from Korean investors. Over the past week, Bitcoin surged 15.06%, and in the last 24 hours, it rose by 2.68%. This increase was fueled by a spike in on-chain activity, with a significant rise in active Bitcoin addresses. Bitcoin push, The surge in price, trading volume, and the Korean market’s involvement indicate a potential for continued gains.
FAQs
How has Bitcoin's on-chain activity influenced its price?
Bitcoin's recent price rise is supported by an 11.47% increase in active addresses, indicating strong market engagement and the potential for a sustained rally.
What is the Bitcoin: Korea Premium Index?
The Bitcoin: Korea Premium Index measures the price difference between South Korean exchanges and others, indicating strong bullish activity from Korean retail investors.
How has Trump’s inauguration impacted Bitcoin’s rally?
Market optimism surrounding Trump's pro-crypto stance has contributed to increased bullish sentiment, potentially fueling further gains in Bitcoin’s price.
What is the significance of the Bitcoin and Ethereum market cap gap?
The $1.75 trillion market cap gap between Bitcoin and Ethereum reflects a growing preference for Bitcoin, suggesting it could continue to outperform Ethereum in the near future.
