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Bitcoin is back above $48k level as over $40 billion inflows into BTC in 24h

Bitcoin is back above $48k level as over $40 billion inflows into BTC in 24h
Jordan
Major
6 months ago
3 mins read

Due to more than $40 billion in inflows into Bitcoin’s market capitalization in a single day on Tuesday, December 21, the world’s flagship cryptocurrency has rebounded to trade over the crucial $48,000 level. 

It’s worth noting that Bitcoin has recovered ground in the last 24 hours after dipping below $46,000 on Monday morning, its lowest level since September.

Interestingly, Bitcoin’s market capitalization increased by $45.55 billion in the previous 24 hours, climbing from $875.67 billion to $921.22 billion. Furthermore, the digital asset is presently trading at $48,633, representing a 5.07% gain on the day and a 2.38% increase over the previous week.

Bitcoin 1-day market cap. Source: CoinMarketCap.com

Despite the current bearish attitude in the market, Bitcoin is attempting to recapture the all-important $50,000 level. 

Analysts forecast Bitcoin price

Leading crypto analyst Michael van de Poppe has declared based on the current price action on December 21:

“Good chances we’re done with the correction. The longer we stay here, the faster the sentiment flips.”

Poppe is confident that Bitcoin is still in a long-term bull cycle, which will see it more than double in price before the next significant market correction.

Elsewhere, prominent crypto trading analyst PlanB is sticking to his iconic Stock-to-Flow (S2F) model, which predicts that the cryptocurrency will approach six figures in the coming months. 

The pseudonymous Dutch analyst has amassed more than 1 million Twitter followers this year based on his price forecasts, which have proven accurate — at least until the end of November.

PlanB asserts that the current price of Bitcoin remains inside the lower ranges of his S2F price model.

He tweeted

“Bitcoin needs a small miracle for a 100K Christmas. Will I ditch the S2F model if this does not happen? Nah, I actually like being at the lower bands. In fact, I published the model at the lower bands in March 2019 with btc below 4K.”

Bitcoin daily stock-to-flow and price. Source: Plan B

Altcoins back in the green

Meanwhile, Ethereum is back trading above the $4,000 mark, trading at $4,012 up in the last 24 hours 6.01%, and 5.40% in the previous week.

Also, Terra’s native cryptocurrency, LUNA, has also seen significant gains in recent weeks, with the currency gaining by 43% over the previous week and about 10% on the day, according to CoinMarketCap. It is the ninth most valuable company in the world, with a market capitalization of $30.34 billion.

Similarly, as a result of the astounding 47% surge over the previous seven days – as well as a 14% gain in the 24 hours leading up to Tuesday morning – AVAX’s market capitalization has risen to $28.8 billion.

The global crypto market 

The global crypto market capitalization is presently $2.25 trillion, a 5.23% increase over the last day.

Global crypto 1-day market cap. Source: CoinMarketCap.com

Over the previous 24 hours, the overall crypto market volume has increased by 15.96% to $97.83 billion. The entire volume in DeFi is currently $14.30 billion, or 14.62% of the total 24-hour volume. In contrast, the combined volume of all stable currencies is currently $77.74 billion, accounting for 79.47% of the overall 24-hour volume of the cryptocurrency market.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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