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Bitcoin has reached a record-breaking high of $106,533, according to CoinMarketCap, with the total cryptocurrency market capitalization surging to $3.8 trillion. This significant growth is accompanied by an increase in large wallet holders, which has risen by a substantial 9.9% since October 10.
The data from Santiment reveals that the number of wallets holding 100 BTC or more has experienced this notable surge, indicating a growing confidence among institutional and high-net-worth investors in Bitcoin’s prospects. The significant rally experienced in Q4, with gains of 65%, is an unprecedented phenomenon for the cryptocurrency market.
Bitcoin’s price retracted slightly from its record-breaking high to $104,543, but it has still seen substantial growth of 8.5% this year. This upward trend has had a cascading effect on other major altcoins, which have also started to recover and register marginal improvements.
This sudden rise in the cryptocurrency market has been met with mixed opinions from experts. While some critics like Peter Schiff have predicted that digital currencies will crash, others, including Michael Saylor, remain committed to their bullish stance.
Market analysts have expressed concerns about establishing a national reserve of Bitcoin, citing potential risks and complexities involved in such an endeavour.
Source: http://www.crypto-news-flash.com
