Analysts at 10X Research said that the Bitcoin rally is far from over. According to experts, the first cryptocurrency rate could reach $115,000 by the end of December.
10X Research published a report where they said that the cryptocurrency market has been saturated with liquidity in the last few weeks. Over the past month, the issuer of the largest stablecoin by capitalization, Tether , has issued 10 billion USDT , and Circle has added another 3 billion tokens to the USDC supply. An increase in the inflow of stablecoins to crypto exchanges is considered a bullish signal. This often leads to increased buying pressure and an increase in the value of assets, the experts explained.
“The huge wave of liquidity is reflected in elevated trading volumes, with spot volumes consistently exceeding $200 billion daily. The cryptocurrency market cap has surpassed $3.2 trillion, which is equal to the size of the UK stock market,” 10X Research wrote.
Spot Bitcoin ETF trading activity has increased in the past few days, with buyers expecting Bitcoin to break $100,000 in the short term, the authors of the publication claim.
“Options activity in the December expiration market suggests expectations that Bitcoin will rise to $105,000 or even $115,000 by Christmas,” the report said.
According to 10X Research, $100,000 may just be another checkpoint on the path of further growth of the first cryptocurrency.
Earlier, experts from Glassnode stated that the sharp rise in the rate of the first cryptocurrency was due to both a powerful influx of capital into spot ETFs for Bitcoin and significant demand for the asset on the market.
