Bitcoin passes $70k mark and $1.38 trillion dollar market cap

Bitcoin (BTC) is back above the $70,000 mark after tumbling for 11 days with high price volatility.

BTC is up by 5.4% in the past 24 hours and is trading at $70,500 at the time of writing. The flagship asset’s market cap is slightly above the $1.38 trillion mark with a daily trading volume of $42.7 billion.

Data from CoinGecko shows that Bitcoin’s price rally has brought bullish momentum to the global crypto market capitalization with a 5.4% increase — currently hovering around $2.83 trillion.

According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC surged by 50.7% over the past 24 hours — rising from 8,233 to 12,404 unique transactions per day.

Moreover, Bitcoin’s total open interest (OI) also registered an $800 million increase. Per data from Santiment, the total BTC OI surged from $11 billion to $11.8 billion over the past day.

Higher price volatility is usually expected when an asset’s whale activity and open interest register sudden increases.

On the other hand, data shows that the amount of trades betting on a further price surge for Bitcoin has hiked. According to Santiment, the total BTC funding rate aggregated from all exchanges jumped from 0.01% to 0.02%.

This shows that traders are optimistic about a BTC price surge as the fourth Bitcoin halving gets closer. 

Per a crypto.news report, “Rich Dad, Poor Dad,” author Robert Kiyosaki believes that the BTC price could potentially surpass the $100,000 mark by September this year. Kiyosaki also claimed that he would purchase 10 more Bitcoins before April.

Notably, the Bitcoin Relative Strength Index (RSI) has been consistently declining over the past three weeks despite the overheated market conditions.

Santiment data shows that the BTC RSI declined from 49 to 47 over the past 24 hours. The indicator shows that Bitcoin is in good condition for a potential price surge.