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Summary
The price of Bitcoin has reached a new historical peak, with indicators suggesting further upside potential.
XRP has confirmed the breakout of the multi-year triangle, while analysts expect it to push to $3 or a new all-time high.
The value of ETH has risen by more than 20% in a week, with some industry participants expecting it to reach 4000 dollars.
For the first time in history
The leading cryptocurrency is still on the rise, as its price jumped to an all-time high of over 118,000 US dollars just a few hours ago. Moreover, several indicators suggest that Bitcoin (BTC) has more room for growth.
For example, during a previous peak in 2024, the market value to realized value ratio of assets (MVRV) rose to over 2.7, while it currently stands at around 2.35.
Bitcoin MVRV
BTC MVRV, source: CryptoQuant
Moreover, CryptoQuant revealed that the spent output profit ratio for short-term holders (SOPR) shows no signs of aggressive profit-taking, resulting in minimal selling pressure from these investors.
The decrease in the amount of Bitcoin stored on cryptocurrency exchanges indicates a similar trend. Over the past few months, investors have gradually shifted their assets from centralized platforms to self-custody methods.