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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

US Bitcoin Investor Trading Volume Rises, Stage Set For Another Massive Rally?

Best Owie
Best Owie
1 year ago
3 mins read
Bitcoin

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The crypto market has been thrown into a euphoric state over the last 24 hours as the price of Bitcoin has surged once more. In its latest run, the digital asset was able to retest the $29,000 resistance before being rejected but continues to hold up nicely above $28,000. This time around, dominance from US investors has been on the rise, suggesting that they may be the leaders of this rally.

US Bitcoin Trading Volume Rises To 44%

The trading volume from US investors fell to a low 29% back in January and the uncertain regulatory headwinds did not much help investor sentiment. However, this has quickly changed with US investors taking advantage of the low prices presented last week when BTC fell below the $25,000 resistance.

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A report from Kaiko shows that US investor BTC trading volume has risen sharply compared to its January figures to 44% in June. This shift in Bitcoin trading volume suggests that investors are moving back toward BTC and leaving altcoins behind once more.

Bitcoin US volumes

BTC volume on US exchanges rise to 44% | Source: Kaiko

This explains the fact that while Bitcoin has been on an impressive rally, altcoins have not seen as much upside. Thus, it is safe to say that most of this rally will likely be focused on BTC, indicating the potential for further upside from here.

A move toward BTC compared to altcoins also shows a lower risk appetite among crypto investors. This is because while altcoins provide an opportunity for higher gains, it also comes with a higher risk of losses Hence, making Bitcoin the choice for investors when getting back into the market from a bear, but not wanting to take too many risks.

BTC Steadies Above $28,000

Bitcoin bulls have now set their sights on the $30,000 price level after adding $2,000 to the digital asset’s value in the last 48 hours. This recovery signals what could possibly be the start of another 100% run similar to the one that was witnessed in the first quarter of 2023.

Bitcoin price chart from TradingView.com

BTC reclaims $28,000 support | Source: BTCUSD on TradingView.com

If this happens, then $40,000 is a conservative stop point for the BTC price. The question then remains if this rally will rub off on altcoins which are still struggling, especially since the majority of the new volume is currently focused on Bitcoin.

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Crypto Analyst Says Bitcoin Has Already Bottomed, Sets Halving Price

1 year ago

Nevertheless, a rise to $40,000 would be a welcome development for the BTC market and could trigger the start of another massive bull rally, a year earlier than expected.

At the time of writing, BTC has broken above $28,900, displaying 8.23% gains in the last 24 hours. The cryptocurrency is performing even better on the 7-day chart after rising 11.34% and bringing its total market cap back above $561 billion.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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