Bitcoin, the leading cryptocurrency, maintains a trillion-dollar market in the last ten days. This market has held firm since March 26, after which about 10% of Bitcoin in circulation has been moved. This shows that support is exhibited at a region close to the $50,000 price zone. In those ten days, the cryptocurrency market capitalization managed to hit $2 trillion on Monday, as data from CoinGecko, market trackers, and Blockfolio confirms.
A look at the April 5 report that was prepared by analysis firm, Glassndode dubbed ‘Week on Chain’ shows that this is the first time that Bitcoin is staying above that mark for this long period. The report further shows the level of confidence that traders and investors are having on this asset.
Bitcoin’s Role in The Crypto Market
Glassnode noted that 1.98 million BTC, which is 10.6% of the circulation supply, has moved on-chain while the capitalization holds at $1 trillion since March 26 and currently sits at $1.1 trillion. Analysts add that if bitcoin’s price stays above $53,000, it will continue to maintain its $1 trillion market cap.
Glassnode’s analysis of Bitcoin’s UTXO Realized Distribution (URPD) shows significant recent volumes well above the $1 trillion cap for BTC. It’s also noteworthy from the report bitcoin miners have returned to accumulation mode. This projects further bullish patterns as miners are hodling on to their freshly mined coins for prices to soar higher.
Since hitting an all-time high price of more than $61,000 in mid-march, Bitcoin has managed to find support at mid $50,000 and has relatively traded in a narrow range. Bitcoin’s continued surge contributed immensely to seeing the cryptocurrency market cap peak at $2 trillion on Monday and $2.02 trillion by mid-afternoon. In its last surge, Bitcoin saw its increase by 1.4% that brought it to $59,045.
Bitcoin still in the lead despite Ethereum gains
Ethereum, the second leading cryptocurrency, was up 1.3% that brought the price to $2,103 on Monday when its market cap hit $244 billion. The price retraced from its peak of $2,144.99 last Friday to $2,128 today.
Paolo Ardoino, Bitfinex’s chief technology officer, says that bitcoin and ethereum have brought momentum and interest to expand. He added that we expect to see more blockchain-based applications spear out as the industry matures.
Bitcoin and blockchain as a whole have gained general acceptance, and it’s a testament to what’s to come. We have seen immense growth with blockchain, but it appears that this is only the start of a revolution for several industries, including tech, finance, and commerce.
This year, bitcoin has gained over 100%, and ethereum has done over 190%. Both have outperformed other traditional asset classes massively. This growth is bolstered by the entry of mainstream companies and investors into the crypto world. With Tesla and other leading companies catching on to the bitcoin and the prospective blockchain technology, there’s a lot to come.