Since the 26th of March, 2021, Bitcoin has been enjoying a market capitalization of over one trillion USD. During this time, over 10% of all Bitcoin’s supply had been moved around, as well. Both of these indicators stand as strong support signals for the upper- and middle-$50,000 price range.
10 Days Of Trillion-Dollar Capitalization
Glassnode gave out a “Week On-Chain” report on Monday. There, the on-chain analytics provider showed that Bitcoin has, for the first time, go for more than a week with the precious $1-trillion market capitalization, which itself stands as a strong vote of confidence for cryptocurrencies at large and Bitcoin in particular.
Another key detail Glassnode made note of, was the fact that around 1.98 million Bitcoin has already been moved on-chain as this market cap stayed above the $1 trillion mark. This stands as about 10.6% of all Bitcoin’s circulating supply. The report hammered home that the mid-to-high $50K price range is showing the strongest support recorded since the prices stood at around $11,000
A Bumpy Road Behind It
It was back on the 19th of February, 2021, when Bitcoin managed to break through the $1 trillion price cap for the first time. However, this wasn’t meant to last, and the asset quickly dipped back down to the billions for 17 days after that.
From there, it managed to go past that point once more on the 9th of March, 2021, but a subsequent correction drove the market cap back down to $950 billion. Bitcoin’s most recent market cap rise to the 13-digits occurred on the 26th of March, 2021, and has been going strong ever since. CoinGecko, a prominent crypto data provider, showed that Bitcoin’s market cap stands at around $1.1 trillion as of now.
Bullish Sentiments Building Up
Glassnode took it a step further, analyzing the UTXO Realised Price Distribution, or URPD, of Bitcoin. There, it showed that significant volumes above the $1 trillion capitalizations for Bitcoin. Further notes from Glassnode were that Bitcoin miners have returned to accumulating Bitcoin rather than selling it. This, in and of itself, is a bullish signal as miners are now hodling on to their newly-minted coins as they expect higher prices for the asset to be realized.
As it stands now, Bitcoin is trading for around $58,684 at the time of writing. Time will tell whether or not the asset will stay in this range. All estimates show, however, that Bitcoin’s going to go up, not down, but the asset isn’t known to follow its patterns as strictly as people would like
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