Hey folks! It has been over 24 hours since Bitcoin made another milestone. Crossing over $107K, the coin has broken potential challenges and has surged, arousing investor interest. With the Fear and Greed Index at 81, indicating extreme greed, the market is geared up for a massive rally.
Notably, with its surge, the coin surpassed gold in key metrics. According to the Bitcoin-gold ratio, the coin increased by 40 ounces. The ratio is the price of Bitcoin divided by the spot price of gold. This will show the amount of ounces of gold required to buy one Bitcoin. Based on Monday’s report, an ounce of gold is $2,664. Market observers stated that if Bitcoin persists, the next target would be 89 ounces of gold.
As Bitcoin made another achievement, MicroStrategy’s (MSTR) founder, Michael Saylor, hinted at another purchase. Since 2020, Saylor has been acquiring Bitcoin and has accumulated nearly 423,650 Bitcoins worth $25.6 billion, each priced at $60,324. Just last week, Saylor bought about 21,550 Bitcoins for $2.1 billion. Each BTC was priced at $98,783. Considering Bitcoin as a ‘digital capital,’ the MSTR founder buys the crypto at every given opportunity.
Market observers pointed out several factors that contributed to the spike. Prominent among them is the Bitcoin Reserve Fund initiative. Recently, President-elect Donald Trump proposed to set up a U.S. Bitcoin strategic reserve fund, which propelled the coin’s price. Also, based on Santiment data, the market saw an increase in whale activity during this period. The whale wallets, holding above 100 BTC, rose by 9.9% in nine weeks. This increased its price by 77%.
AAVE Token Review: Key to Governance and DeFi InnovationOn the other hand, Trump’s crypto project, World Liberty Financial, made big investments in ONDO, ETH, and AAVE. About 134,216 ONDO tokens were purchased for $250K, with each at $1.86. Further, it bought 8,105 ETH for $30 million, with each at $3,701. This is stated to be the largest purchase by the project. Also, it acquired about 103 cbBTC tokens for $10M, 78,387 LINK tokens for $2 million, and 6,137 AAVE tokens for another $2 million.
With the market turning bullish, XRP has also shown signs of a potential rally. Trading at $2.48 at press time, the altcoin is poised for a breakout as it tests critical support and resistance levels. Further, market observers state that XRP has the potential to start a new bullish trend. If so, it would push to $2.80 and move onto $3. The price surge of XRP is speculated to be the result of the change in the SEC Chair.
On the market front, Tron’s founder, Justin Sun, sparked controversy among the community with his withdrawal request. Sun proposed to buy about 52,905 ETH worth about $209 million from Lido. Market observers state that the step was taken as ETH was hovering around 4K. Further, a crypto analysis pointed out that Sun had procured about 392,474 ETH worth $1.19 billion from three wallets between February and August 2024. Overall, Sun made a total revenue of above $349 million, which gives an ROI of 29%.
Ethereum Price Prediction 2025-2035: Will It Surpass $5K by 2025?Meanwhile, PNUT founder Mark Longo filed a case against Binance for allegedly using his intellectual property. The owner of Peanut the Squirrel stated that he had been using the meme token’s trademark and imagery since April 2017. Targeting the crypto giant, Longo sent a cease-and-desist letter, stating to halt all infringing activities by December-end and also provide a formal response to the allegations. If penalized, about $150K would be imposed per violation.
