Latest Market Trends

On November 10, Bitcoin (BTC) and Ether (ETH) skyrocketed to unprecedented levels, signaling that the bullish trend isn’t just a flash in the pan. It seems the crypto market has decided it’s time to celebrate—bring out the confetti and the digital fireworks!

Historical Pricing Patterns

According to a recent report from Kraken exchange, we might be looking at a déjà vu situation. The current quarter’s price movements have a high correlation of 0.88 with what we saw in the fourth quarter of 2017. For those with short memories, Bitcoin flexed its muscles back then and surged an impressive 220%. If history is an indicator, we could be seeing Bitcoin comfortably lounging around the $96,355 mark, which could be the peak for this cycle.

Long-Term Holders Hold Tight

It’s like watching grandpa refuse to share his candy—long-term Bitcoin holders, those who’ve kept their coins for over a year, are holding on tight and are not eager to let go. This trend is backed by Glassnode’s “The Week On-Chain” report, which showcases that patience is at an all-time high!

Market Supply Dynamics

Adding to this bullish sentiment, there’s been a significant exodus of coins from centralized exchanges. The current supply on these platforms has dropped to a record low of 12.9%. This is akin to a treasure hunt where everyone is hiding the loot—truth be told, this may restrict the availability of coins and elevate their value in the long run.

The Big Question: What Lies Ahead?

The ultimate puzzle: Can Bitcoin and other altcoins maintain their upward trajectory, or will we see profit-taking drag prices down like that last slice of cake no one wants to finish? Let’s take a look at the charts of the top 10 cryptocurrencies to illuminate this mystery.