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Bitcoin is back above $48k level as over $40 billion inflows into BTC in 24h


finbold.com 21 December 2021 10:58, UTC
Reading time: ~3 m

Due to more than $40 billion in inflows into Bitcoin’s market capitalization in a single day on Tuesday, December 21, the world’s flagship cryptocurrency has rebounded to trade over the crucial $48,000 level. 

It’s worth noting that Bitcoin has recovered ground in the last 24 hours after dipping below $46,000 on Monday morning, its lowest level since September.

Interestingly, Bitcoin’s market capitalization increased by $45.55 billion in the previous 24 hours, climbing from $875.67 billion to $921.22 billion. Furthermore, the digital asset is presently trading at $48,633, representing a 5.07% gain on the day and a 2.38% increase over the previous week.

Bitcoin 1-day market cap. Source: CoinMarketCap.com

Despite the current bearish attitude in the market, Bitcoin is attempting to recapture the all-important $50,000 level. 

Analysts forecast Bitcoin price

Leading crypto analyst Michael van de Poppe has declared based on the current price action on December 21:

“Good chances we’re done with the correction. The longer we stay here, the faster the sentiment flips.”

Poppe is confident that Bitcoin is still in a long-term bull cycle, which will see it more than double in price before the next significant market correction.

I do believe we'll repeat history.

▫️ Market bottoming during December/beginning January.
▫️ #Altcoins to bottom too, as interest diminishes.
▫️ Altcoins to run in Q1 of 2022.
▫️ #Bitcoin to continue run in Q2 2022.
▫️ Correction Q3 2022.
▫️ Bull ending in Q4 2022.

🤝

— Michaël van de Poppe (@CryptoMichNL) December 20, 2021

Elsewhere, prominent crypto trading analyst PlanB is sticking to his iconic Stock-to-Flow (S2F) model, which predicts that the cryptocurrency will approach six figures in the coming months. 

The pseudonymous Dutch analyst has amassed more than 1 million Twitter followers this year based on his price forecasts, which have proven accurate — at least until the end of November.

PlanB asserts that the current price of Bitcoin remains inside the lower ranges of his S2F price model.

He tweeted: 

“Bitcoin needs a small miracle for a 100K Christmas. Will I ditch the S2F model if this does not happen? Nah, I actually like being at the lower bands. In fact, I published the model at the lower bands in March 2019 with btc below 4K.”

Bitcoin daily stock-to-flow and price. Source: Plan B

Altcoins back in the green

Meanwhile, Ethereum is back trading above the $4,000 mark, trading at $4,012 up in the last 24 hours 6.01%, and 5.40% in the previous week.

Also, Terra’s native cryptocurrency, LUNA, has also seen significant gains in recent weeks, with the currency gaining by 43% over the previous week and about 10% on the day, according to CoinMarketCap. It is the ninth most valuable company in the world, with a market capitalization of $30.34 billion.

Similarly, as a result of the astounding 47% surge over the previous seven days – as well as a 14% gain in the 24 hours leading up to Tuesday morning – AVAX’s market capitalization has risen to $28.8 billion.

The global crypto market 

The global crypto market capitalization is presently $2.25 trillion, a 5.23% increase over the last day.

Global crypto 1-day market cap. Source: CoinMarketCap.com

Over the previous 24 hours, the overall crypto market volume has increased by 15.96% to $97.83 billion. The entire volume in DeFi is currently $14.30 billion, or 14.62% of the total 24-hour volume. In contrast, the combined volume of all stable currencies is currently $77.74 billion, accounting for 79.47% of the overall 24-hour volume of the cryptocurrency market.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.


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