The analytics platform CryptoRank reported that Bitcoin's price has increased by 6% since the start of the year, along with surges in other cryptocurrencies such as XRP, ADA, XLM, and SUI. The platform also revealed that Bitcoin's market capitalization rose, its dominance increased, and the Fear & Greed index indicated extreme market greed. CEO Ki Young Ju suggested that old whales, specifically veteran BTC holders, have been selling significant amounts of BTC, potentially influencing the recent price plunge. Despite concerns about a possible correction, BTC has regained an optimistic outlook with U.S. institutions like Coinbase contributing to buying pressure. However, institutional demand needs to maintain upward momentum for Bitcoin to break through resistance levels and potentially reach new all-time highs. Bitcoin recently crossed the $100k level, viewed as pivotal in its price action, and if it fails to hold, it could potentially reach the $80k mark. Institutional buying, particularly by Microstrategy, was a key driver of Bitcoin's rise in 2024.



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