The statistics observed by Glassnode’s market research platform reached the “achieved limit” (BTC), reached by Bitcoin, to an all-new high on June 19. This could indicate a general increase in new investors in the crypto market in recent months.
“The applied Bitcoin cover has entered a new cycle. At $ 106.63 billion, it already broke the previous record it set shortly before the Black Thursday crisis three months ago. ”
The last time, Bitcoin realized that the restriction – not to be confused with market value or market capitalization – reached a record high in February 2020. Shortly after, within two months, Bitcoin’s price was adjusted to $ 3,600 in BitMEX.
Is it time for fear or disguise?
The executed bitcoin cap indicates the total number of bitcoins on the market, calculated at the BTC price when the funds were actually transferred. For example, if a portfolio contains 1 BTC, it was last transferred in June 2019, it calculates 1 BTC for $ 14,000, i.e. the price of BTC at that time.
Glassnode’s team explains:
“Realized Cap prices achieve different parts of supplies at different prices (rather than using daily closings). In particular, it is calculated by evaluating each UTXO at the price the last time you moved in.”
Statistics that reach a new high can be understood in two ways: many new investors enter the cryptocurrency market and thus can represent a local peak, or it can be just a very bullish trend in the medium term.
In February 2020, Bitcoin’s price increased to $ 105,050. In the Bitcoin futures market, especially Bitcoin, daily trading volume and open interest rates are noted, as trading activity has grown rapidly. BitMEX saw open interest – the total volume of long and short contracts – exceeded $ 1 billion.
The real bitcoin cover hit a record high in February 2020, perhaps due to the fact that many investors bought BTC in the region from $ 9,000 to $ 10,000 and moved them from stock exchanges to portfolios. Over the next two months, BTC experienced one of the sharpest declines in its history, mainly due to the high uncertainty after the fall of the global stock market.
But the account can also be evaluated as an optimistic trend, which may indicate a gradual accumulation. Bitcoin dealer Luc Martin said:
“The US dollar that buyers have just invested in BTC has raised another important point. The implemented market measure measures the value of all coins at the price that was last traded. The price has not been set yet, but there is certainty.”
Bitcoin is at a major point, and shows a lot of stats
Despite the fact that the Bitcoin Compound Ceiling is a new cap, the highest growth rate of Bitcoin mining occurred in June in more than two years, the number of long-term BTC holders has reached a maximum of four years, and the options market has increased volume to levels not seen from Before.
The indices of various statistics and indicators indicate that Bitcoin is at a key point and that the next few weeks are likely to be critical for the long-term BTC price trend.