Analysis: BTC hit its biggest one-day gain since October yesterday

Odaily News According to TradingView data, BTC surged 9.5% on Wednesday, setting the largest single-day increase since October 23, 2023. The price of BTC on multiple exchanges rose to $64,000, reaching its highest level since November 2021. Analysts at Bitfinex said: “Our analysis predicts that BTC’s conservative price target will reach $100,000 to $120,000 by the fourth quarter of 2024, and its cycle peak in terms of total cryptocurrency market capitalization will be sometime in 2025. time.” According to data from Glassnode, Bitcoin Cash arbitrage strategies involving three-month futures have yields of more than 14%. This is more than three times the yield on the 10-year U.S. Treasury note (4.27%) and 2.8 times the yield on the 1-year Treasury note (5%). (CoinDesk)