The current trading price of Bitcoin ($BTC), the leading cryptocurrency by market cap, is $97,957. This price level is down 2.6% over the last 24-hour period.
The sharp drop in Bitcoin’s trading price is showing a very broad picture, some experts predicted. Currently, wise minds are quickly buying Bitcoin to ride the big wave of upside ahead.
On December 19, 2024, a publicly traded company, Marathon Digital Holdings (MARA), purchased 15,574 bitcoins for $1.53 billion. By investing in Bitcoin, MARA has achieved an impressive BTC return of 22.5% quarter-to-date (QTD) and 60.9% year-to-date (YTD).
On the other hand, Hut 8 ($HUT) purchased 990 BTC worth $100 million. Now Hut 8 has more than 10,000 BTC.
It is worth noting that MARA bought these new Bitcoin holdings at an average trading price of $98,529/BTC and Hut 8 bought at an average price of $101,710/BTC.
Yesterday, Bitcoin was struggling, but this news acted as a catalyst to boost Bitcoin by 5%; Unfortunately, today the trading price of Bitcoin severely collapsed again. Trading volume in the Bitcoin market increased by almost 25%.
A popular crypto analyst shared his analysis on the Bitcoin market and predicted that the next all-time high price level for Bitcoin will be $113,000/BTC.
He further added that ups and downs are just a natural part of the volatile money market, but here most investors will come out ahead.
Also read: Bad news for Bitcoin! MicroStrategy May Stop Buying Bitcoin: Report
