More than 10% of Bitcoin’s offerings have been transferred, while the market cap has reached more than $ 1 trillion since March 26, indicating strong support in the mid- and high-price range of $ 50,000.
Bitcoin (BTC) is worth $ 1 trillion for the first time in more than a week, according to a “Week On-chain” report released Monday by network analysis provider Glassnode. “This is a strong vote of confidence in Bitcoin and the asset class for cryptocurrencies in general,” the report said.
Glassnode also indicated that 1.98 million BTC was transferred to the chain, while Bitcoin’s capitalization exceeded $ 1 trillion, accounting for 10.6% of the traded supply. The report notes that the mid-to-high range of $ 50,000 showed the strongest support online as prices were around $ 11,000:
“It is impressive that this size in the chain has been one of the strongest levels of support in the chain, with prices ranging from $ 11,000 to $ 12,000.”
Bitcoin’s market cap exceeded $ 1 trillion for the first time on February 19, but quickly fell to 12-digit numbers over the next 17 days. On March 9th, the 13-digit BTC fell again, but as a result of another correction, Bitcoin’s capitalization fell again to $ 950 billion.
Bitcoin’s capitalization has remained above $ 1 trillion since March 26, according to CoinGecko, and is currently at $ 1.1 trillion.
Glassnode analyzed realized price allocation for Bitcoin UTXO, or URPD, to show recent large volumes of over $ 1 trillion in BTC capitalization.
Realized Price Distribution BTC UTXO: Glass Node
The report notes that Bitcoin miners are back in “stockpiling mode”, indicating further optimism as miners use their newly minted coins at higher rates again.
At the time of writing, Bitcoin has been trading at $ 59,030, up 1.9% in the past 24 hours.