Bitcoin climbs past $21,000 in second-longest strike in history

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The leading cryptocurrency, Bitcoin (BTC), set a 10-week high at $21,150. The value of virtual digital gold has increased by 2.1% over the past day and over 23% over the past week. A record number of short selloffs helped crypto markets reclaim the $1 trillion market cap level over the weekend as they showed signs of bottoming according to CoinMarketCap. Since Friday, around $500 million in shorts, or bets against rising prices, have been settled, which is the most since October 2022.

Documenting Bitcoin, a Twitter user claims that Bitcoin has been rising for 12 days. This is Bitcoin’s second-longest ascending streak in history, according to the tweet. The longest streak of 15 consecutive days of increases was recorded in November 2013.

CryptoQuant: Don’t rush just yet

Despite Bitcoin price rising, on-chain expert CryptoQuant advises investors to “find calm rather than excitement.” According to the Fund Holdings Index, institutional investors are shrinking their BTC holdings and passively “monitoring” market movements, according to CryptoQuant (FHI).

CryptoQuant adds that miners have started to keep their profits rather than spending them all. According to the expert, a 10% decrease in mining difficulties is expected, therefore, the miners’ reserves and the miners’ position index (MPI) have “already begun to prepare.”

Additionally, Bitcoin whales and sharks have amassed assets over the past 10 weeks, according to market news site Santiment. The information shows that 105,600 coins had been deposited “in the previous 10 weeks” by wallets holding between 10 and 100 BTC.

Bitcoin whales on the rise

According to Santiment, holders of 100 to 1,000 Bitcoin have amassed 67,000 BTC over the past eight weeks, while the largest whales, who own 1,000 to 10,000 coins, have added 37,100 BTC to their wallet. The swings are occurring as the market capitalization of all cryptocurrencies nearly surpassed $1 trillion and reached $996 billion.

Heavy transactional activity on Cardano and Solana may have led to recent increases in the prices of both networks’ native ADA and SOL tokens. In other news, Shanghai’s impending Ether update has solidified its fundamentals, and a hard fork, or network overhaul, is planned for Polygon.

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