🤑 Bitcoin Hits $77K & Altcoins Wake Up!

Bitcoin continues its move upwards in price discovery and Ethereum and ADA are breaking out.

Nov 08, 2024

Hey Thinkers 💡

The crypto bull market is heating up, and Bitcoin has officially crossed $77,000, entering a new price discovery phase. The next target is around $82,000. 🚀

📊 Key Bitcoin Metrics:

Increase in Bitcoin Whales and Sharks:
We're seeing a spike in wallet addresses holding at least 10 BTC, indicating strong buying interest from large holders.
Record Low Bitcoin Supply on Exchanges:
The amount of Bitcoin on exchanges is hitting a record low, signaling reduced sell pressure—a bullish sign for long positions.
Tether Liquidity Surge:
Over $3 billion in Tether (USDT) has been minted in the past week. This influx of liquidity is expected to flow into the broader crypto market.

📈 Altcoin Market Wakes Up

With Bitcoin on the rise, we're seeing altcoins start to wake up:

Ethereum (ETH) touched $3,000 today, and the chart looks strong for further gains.
Cardano (ADA), one of the blue-chip altcoins, is up near 26% over the past 7 days—a positive sign for altcoins, which have lagged behind in 2024.

As Bitcoin captures more liquidity, we typically see a rotation into altcoins. Keep an eye on the market dynamics as this cycle progresses.

🗨️ What the Industry Leaders Are Saying

Former Binance CEO CZ tweeted:

“Just the beginning.”

He also stated the following

“As bitcoin make successive new all time highs, apply proper risk management. There will be many dips (and highs) in the future. Make sure you can handle them. Control your greed. Don't put all your eggs in one basket. Ape slowly.”

Conclusion

Things are starting to heat up, this is the time to pay attention to the market and make sure you have a cash out plan. Remember the bull market doesn’t last forever, and there will be a blowoff top followed by a bear market.

___________________________________________

💥Thank You to my show Sponsors

Uphold is one of the best crypto exchanges out there and I have been using them since 2018!

Gemini makes it easy to trade crypto with many unique features and prodcuts.

BitGo is one of the top custodians in the crypto industry. They provide the most secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing and lending.

VeChain is a leading enterprise-grade L1 public blockchain, spearheading a digital revolution from a sustainable, highly scalable smart contract platform.