Pioneering cryptocurrency Bitcoin hit a new all-time high on Monday after its highest-ever weekly closing spurred by bullish macroeconomics.
In today’s Bitcoin price news, BTC bullish performance this year continued after it pulled a strong performance on Sunday to reach an unprecedented price high.
The premier cryptocurrency surged to a new high of $105,133 on Dec. 15, ending the week at $104,432, the highest weekly close in its history.
Meanwhile, the asset’s bullish uptrend spilled into Monday, spurring a surge to a new all-time high. Per TradingView data, Bitcoin hit a new all-time high of $106,565 today, continuing its price discovery above six figures.
Bullish Macroeconomics Spurs Upsurge
Amidst the uptrend, analyst Ali Martinez has pointed to a catalyst fueling Bitcoin’s growth. In a tweet yesterday, the market expert noted that the number of whales on the Bitcoin network has increased rapidly since Donald Trump’s win.
Notably, Trump adopted Bitcoin and cryptocurrency during his campaign days. He became the first US president to pay with Bitcoin and promised to make America the crypto capital of the world.
As a result, Trump’s win has pushed Bitcoin to mainstream traction. Investors have grown increasingly confident that digital assets will thrive under the president, sparking the massive buy-ins.
Meanwhile, Martinez shared a chart showing the massive rise in the number of whale wallets. According to the chart, addresses holding more than 100 BTC have moved from under 16,400 wallets to over 17,600 wallets since Trump’s November 5 election win.
Further Confirmations
Market intelligence platform Santiment confirmed the strong whale influx into Bitcoin. The firm tweeted today that whales holding at least 100 BTC have surged an impressive 9.9% since October 10.
Santiment noted that 1,582 new whale wallets have been onboarded into the Bitcoin network, signaling surging demand. This massive uptick in large holders happened in just two months, contributing to Bitcoin’s price growth.
In the meantime, Bitcoin trades at $105,033, up 3% in the past 24 hours. The asset’s market cap has exceeded $2 trillion, pushing the broader crypto sector’s cap to $3.7 trillion.
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