After days of bearish consolidation, Bitcoin has surged by 4% in the last 24 hours, reaching a price of $61,050. This impressive rise has propelled Bitcoin’s market capitalization beyond the $1.2 trillion mark, a level it hasn’t seen in over a week.

Trading Volume Sees Significant Boost

The recent price hike has been matched by a substantial increase in trading activity. Bitcoin’s daily trading volume has soared by 49%, hitting $29 billion. This surge in trading suggests heightened investor interest and participation in the market, contributing to the cryptocurrency’s upward momentum.

In tandem with the price increase, previously inactive Bitcoins are reentering the market. Data shows that Bitcoins dormant for over five years have increased from 117 BTC to 728 BTC within the past day. Similarly, coins untouched for over a year have risen from 1,806 BTC to 6,759 BTC. These movements indicate that long-term holders are taking advantage of the current price levels to realize profits.

Whale Transactions on the Rise

Large-scale investors, often referred to as “whales,” are also showing increased activity. The number of substantial transactions worth at least $100,000 has jumped from 5,041 to 7,565 in the last 24 hours. This uptick suggests that major players are actively engaging with the market, which can influence price stability and future trends.

Market Indicators Suggest Room for Growth

Despite the significant price increase, Bitcoin’s Relative Strength Index (RSI) remains below the 50 mark. An RSI below 70 typically indicates that an asset is not overbought, suggesting that there may still be room for further growth without immediate risk of a sharp correction.

Bitcoin’s bullish performance has had a positive impact on the broader cryptocurrency market. The global cryptocurrency market capitalization has risen by 2.8% over the past 24 hours, now standing at $2.24 trillion. This overall growth reflects increased investor confidence and could signal the beginning of a broader market uptrend.

The recent surge in Bitcoin’s price, combined with increased activity from long-term holders and large investors, paints an optimistic picture for the cryptocurrency market. As dormant coins reenter circulation and trading volumes climb, market participants will be watching closely to see if this momentum can be sustained in the coming days.