Key Points
- Bitcoin’s price crossed $109,000, largely driven by Korean market activity, ahead of Trump’s inauguration.
- The gap between Bitcoin’s and Ethereum’s market capitalization has reached a record high of $1.75 trillion.
Bitcoin’s price recently crossed the $109,000 mark, largely due to activity in the Korean market. The rally, which occurred just before Trump’s inauguration, has not yet seen significant contribution from U.S. investors, suggesting potential for further growth.
Over the past week, Bitcoin [BTC] has shown a sustained bullish momentum, climbing by 15.06%. This upward trend intensified in the last 24 hours, gaining 2.68% and reaching a new record high.
Korean Investors Drive Bitcoin Rally
Korean investors have played a crucial role in this rally, backed by a rise in market sentiment and an increase in active Bitcoin addresses. Data from CryptoQuant shows that the recent high is closely tied to an increase in the Bitcoin: Korea Premium Index, a metric that tracks the price gap between South Korean exchanges and others.
This index is a reflection of market sentiment, with values above the neutral zone indicating bullish behavior among Korean investors. At the time of writing, the index stood at 4.42, suggesting a significant price difference on South Korean exchanges and strong Bitcoin purchasing activity.
On the other hand, the U.S. Premium Index, which compares Coinbase prices to other exchanges, shows a negative reading of -0.1189. This implies that U.S. investors are currently selling Bitcoin. However, this could indicate an opportunity for further price gains, as U.S. investors, known for their market influence, have yet to participate in the current rally.
Record High Gap Between BTC and ETH Market Cap
The market capitalization gap between Bitcoin and Ethereum has reached a record high of $1.75 trillion, marking the largest differential in history. This suggests a significant shift in investor preference towards Bitcoin, which is now attracting more capital compared to Ethereum, the second-largest cryptocurrency by market cap.
This trend aligns with the prevailing bullish sentiment surrounding Bitcoin, potentially driving its price higher. Analysts suggest that Bitcoin could surpass $110,000 in upcoming market sessions if this momentum continues.
