Bitcoin price: Green coverage
Early this morning (October 25), Bitcoin - the world's largest cryptocurrency by market value - continued to increase by 0.53% to reach 110,257.14 USD.
This new price contributes to bringing market capitalization to 2,198 billion USD, up 4 billion USD. On the other hand, trading volume in the 24-hour reversal period decreased sharply, currently at 53.86 billion USD, down 82.6 billion USD.
Assessment and forecast
Bitcoin prices and the cryptocurrency market in general have increased slightly despite macroeconomic pressures, with data showing a change in market momentum as large investors continue to "hold" assets, despite the leverage positions being erased at the beginning of the month.
According to CryptoQuant's report, the group of investors known as "pork" continues to accumulate Bitcoin even after the $19 billion was liquidated from the market, thereby maintaining a long-term price increase structure.
This market analysis company defines "pork" as organizations or individuals holding from 100 to 1,000 BTC, unlike "wallet" - the group of owners above this level.
The CryptoQuant report stated: "The group's behavior plays a decisive role in market orientation, as their increased accumulation is often associated with an upward price trend."
Although the group's annual holdings are still considered " strong", at 907,000 BTC, the report notes that it is necessary to be cautious in the short term, as the 30-day balance has decreased below the 30-day moving average, showing that short-term demand is weakening.
According to analysts, a stimulus such as stable capital flows from ETFs could be a catalyst to help the market regain momentum.
In Vietnam, Bitcoin and other cryptocurrencies have not been recognized as a legal payment method and are not protected by law. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
