More than 10% of BTC supply has moved, while bitcoin’s market capitalization has risen since March 26. to more than $1 trillion, indicating strong support in the mid-to-high $50,000 price range.
Bitcoin’s market capitalization has passed the $1 trillion mark for the first time in a week, according to the Week in the Chain report from the 5th. April from the online analysis provider Glassnode. This is a strong signal of confidence for bitcoin and the asset class of cryptocurrencies as a whole, the report said.
Glassnode also noted that 1.98 million BTC have entered the blockchain, while bitcoin’s capitalization has surpassed $1 trillion and represents 10.6% of outstanding supply. The report notes that the $50,000 margin does not reflect that of the United States of America. The intermediate high at $11,000 showed the strongest support within the price target since prices have been around $11,000 :
Impressively, this intra-chain volume formed one of the strongest levels of support within the chain, while prices ranged from $11,000 to $12,000.
Bitcoin’s market capitalization surpassed the dollar on February 19. It exceeded the $1 trillion mark for the first time, but quickly dropped to a 12-figure range over the next 17 days. The 9th. In March, BTC broke through the 13-digit mark again, but a further correction has seen bitcoin’s capitalization drop to $950,000.
Bitcoin’s capitalization has been on the rise since the 26th. March remained above $1 trillion and currently stands at $1.1 trillion, Coingecko said.
Glassnode analyzed the distribution of Bitcoin’s realized UTXO prices, or URPD, to show that there have been recent large volumes exceeding BTC’s $1 trillion capitalization.
BTC UTXO Distribution of prices achieved : Glassnode
The report notes that bitcoin miners have started hoarding again, suggesting a further rise as miners again secure their newly minted coins for higher prices.
At the time of writing, bitcoin changed hands for $59,030, up 1.9 percent in the past 24 hours.
Related Tags:
bitcoin price prediction 2040,bitcoin reaches all-time high,bitcoin adjusted sopr,bitcoin liquid supply change,bitcoin supply in profit,what will bitcoin be worth in 2030,Privacy settings,How Search works,how much of my net worth should be in bitcoin,how high can bitcoin go
