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.
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