Bitcoin surges above $21k in second-longest strike in history

As the total crypto market cap gets near the $1 trillion mark, the largest cryptocurrency, bitcoin (BTC), hit a 10-week-high of $21,150, per crypto.news data. The virtual digital gold is up by 2.1% in the past 24 hours and soared nearly 23% in the past week.

According to the Twitter user, Documenting Bitcoin, BTC has been rising for 12 days. Per the tweet, this is bitcoin’s second-longest inclining streak in history. The top streak of 15 days of consecutive uprise was recorded in Nov. 2013.

While bitcoin’s price is on the rise, the on-chain analyst CryptoQuant believes that investors need to “find calm than excitement.” CryptoQuant points out that institutional investors are lowering their BTC holdings and just “watching” the market movements without taking any action, per the Fund Holdings Index (FHI).

“Looking at the above three contents, I don’t think the current rise means a real uptrend transition. I think this is the result of buying sentiment, which was suppressed when the U.S. CPI index was recently released.”

CryptoQuant analyst MAC_D

Furthermore, CryptoQuant also notes that the miners have started holding their earnings instead of spending them all. Per the analyst, the Miners Position Index (MPI) and Miner Reserves have “already started preparing themselves,” as a 10% decrease in mining difficulty is expected.

Of course, if there will be enough demand, it will not be a big issue. However, thinking of all short liquidations and right now everyone is taking long bets. Maybe this will not be that easy.

CryptoQuant analyst

Moreover, the market intelligence platform Santiment notes that bitcoin sharks and whales have accumulated assets in the past 10 weeks. According to the data, wallets holding between 10 and 100 BTC have deposited 105,600 coins “in the past 10 weeks.”

In the past eight weeks, holders of 100 to 1,000 bitcoins have accumulated 67,000 BTC while the largest whales, holding 1,000 to 10,000 coins, have added 37,100 bitcoins to their wallets, according to Santiment. 

The movements come as the total crypto market cap reached the $996 billion mark and is close to surpassing $1 trillion.