Bitcoin (BTC) was a stone’s throw away from the all-time high (ATH) price of $64.8K during intraday trading because it was hovering around $62,202, according to CoinMarketCap.

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The benchmark cryptocurrency has experienced a significant upward momentum, which enabled it to breach the psychological price of $60K last week. This milestone was last seen in April.

Therefore, the value stored in the Bitcoin network is at a record high based on the realized price. On-chain analyst Will Clemente explained:

“Realized price continues to reach new highs, now over $22,000. This means the amount of value stored in the Bitcoin network is at an all-time high. Realized cap/price is the capitalization of BTC based on the last time a coin moved. (ex: 10 BTC last moved at $1 adds $10 to RC).”

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Bitcoin has been experiencing an uptick in activities. For instance, large BTC transactions worth more than $100,000 have dominated the ecosystem, suggesting that institutional-sized investments and whale activities have increased. 

Furthermore, Bitcoin has outperformed commodities so far this year. 

There is more room for Bitcoin to grow

According to market analyst Ali Martinez:

“Historically, when Bitcoin entity-adjusted dormancy flow reached 1M, it anticipated that BTC was approaching a market top. BTC entity-adjusted dormancy flow is at 483K with a lot of room to go up before the next market top.”

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Based on this analysis, there is more room for Bitcoin to grow. Therefore, if BTC is able to breach the ATH level of $64.8K, the price might continue to surge.

Meanwhile, Bitcoin’s open interest is experiencing exponential growth. On-chain metrics provider Glassnode acknowledged:

“Bitcoin options volume and open interest have exploded higher over the month of October. Open interest is up an incredible +107% ($6.3B) since the September lows.”

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Whether Bitcoin will set a new ATH price soon remains to be seen. 

Image source: Shutterstock Source

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