Bitcoin hits new all-time high: analysts predict $115K next
Bitcoin reached a record high above $107,700 on December 16, fueled by strong spot volumes, institutional interest, and positive news. Analysts now anticipate further short-term gains, with projections targeting $115.000. What drives the price of BTC?
A steady rise in spot buying volumes across major exchanges, including Binance and KuCoin, drove Bitcoin past significant sell walls between $103,000 and $104,000 over the weekend. The Coinbase Premium in the US session further bolstered price momentum.
Major institutions contributed to the rally with substantial Bitcoin acquisitions:
Semler Scientific purchased 211 BTC for $21.5 million at $101,890 per coin.
MicroStrategy added 15,350 BTC to its holdings for $1.5 billion at $100,386 per coin.
Bitcoin exchange-traded funds (ETFs) saw robust inflows, with $2.17 billion entering in the week ending December 12. Total ETF assets reached $114.97 billion, highlighting growing demand from institutional investors. Analysts like Timothy Peterson link ETF fund flows directly to Bitcoin’s potential rise to $115,000.
Independent analyst Willy Woo noted that more than $3 billion per day has entered the Bitcoin network over the past month, reflecting sustained market appetite for the cryptocurrency.
With a combination of strong spot demand, institutional buying, and ETF inflows, Bitcoin’s upward trajectory remains robust. Analysts believe that $115,000 is the next target, as institutional interest and retail demand continue to drive momentum.
Source: Cointelegraph
Why is XRP price rising today?
XRP’s price has surged today, climbing nearly 4.5% in the past 24 hours to reclaim the $2.50 level. The rally follows Ripple’s announcement of the official launch of its RLUSD stablecoin and a bullish technical setup indicating a potential price rally to $6. What drives this price rally?
On December 16, Ripple announced that its Ripple USD (RLUSD) stablecoin would begin trading globally on December 17 across major exchanges like MoonPay, Uphold, Bitso, and more. RLUSD, pegged 1:1 to the US dollar, is backed by cash reserves and US Treasury bills. The stablecoin will operate on the XRP Ledger and Ethereum blockchain and will use XRP for transaction fees.
Monica Long, Ripple’s president, highlighted that RLUSD’s launch represents a major step for Ripple and the XRP Ledger, emphasizing its compliance and utility. The New York Department of Financial Services (NYDFS) approved RLUSD’s launch on December 10, further boosting confidence in the stablecoin and XRP’s ecosystem.
XRP validated a bull flag pattern by closing above $2.41 on December 16, confirming bullish momentum. The current resistance levels are $2.80, $2.90, and the $3.00 psychological level. A breakout above these could push XRP toward a new all-time high of $6.40, representing a 154% gain from current levels.
XRP’s relative strength index (RSI) has risen to 67, signaling strong bullish momentum with room for further growth before overbought conditions emerge.
While XRP’s bullish momentum continues, a close below $2.41 could invalidate the rally and lead to further consolidation. For now, the stablecoin launch and technical patterns are fueling optimism for higher prices.
Source: Cointelegraph
Ethereum whale accumulation hits record high
According to on-chain analytics platform Santiment, Ethereum whale wallets now hold a record 57% of all Ether, highlighting growing accumulation among large stakeholders. These 104 wallets, each holding over 100,000 Ether (totaling $333 billion), represent the highest concentration ever.
Meanwhile, wallets with 10 to 100,000 Ether are at a historic low of 33.5%, and those with less than 100 Ether hold just 9.19% of the supply — a near four-year low. This trend suggests a bullish long-term outlook, especially if whale accumulation continues.
Santiment emphasizes that while some of these wallets may include DeFi and staking-related addresses, the increasing dominance of whales is a positive signal for Ethereum, an established asset now in its ninth year.
Ethereum adoption is also increasing, with daily average new wallet addresses surpassing 130,200 in December — an eight-month high. This surge coincides with Ether reclaiming the $4,000 price level on Dec. 7, marking its highest value since March 2024. Despite being 17% below its all-time high of $4,891 (November 2021), analysts expect Ether to potentially break this record in Q1 2025, buoyed by the recent crypto market deleveraging.
Santiment notes that Bitcoin’s record-breaking surge past $100,000 and Ethereum’s price recovery above $4,000 have sparked bullish narratives. However, social media discussions are also focusing on niche altcoins like Vanachains (VANA) and Moca Networks (MOCA), driven by exchange listings and token launches.
Santiment’s social sentiment tracker identifies trends across platforms like X and Telegram, showing increased interest in both Bitcoin’s dominance and emerging altcoins, underscoring the diverse focus within the crypto market.
Source: Cointelegraph