At the morning trading session on November 9, the world’s most popular cryptocurrency reached its all-time high. Bitcoin is unstoppable – the currency has risen 4.6% and traded slightly above $68,500. Bitcoin has seen a remarkable 12% increase since last week. Currency has risen 24% in the previous 20 days.
Bitcoin investors today are more hopeful than ever. Of course, in anticipation of an even higher price. The share of BTC supply, which was passive for the concluding three months, alcoves a record high of 85%. A report by Glassnode, a chain analytics provider, says investors are not spending their coins.
It seems that the accumulation trend is not going to slow down shortly. At the same time, the share of supply held on centralized exchanges fell to a record low of 12.9%. BTC is becoming more secure and progressive. According to Glassnode, $338.6 million worth of bitcoins were withdrawn from centralized trading venues last week.
The statement said the market is still in a quiet accumulation phase. This is due to the strategic, modest costs of experienced owners and sizeable foreign exchange outflows, and low activity. According to the report, the increase in bitcoin accumulation from long-term holders was also ahead of the April record.
In August 2020, the share of Bitcoin deliveries reached a maximum of 80.6%. Afterward, it went to about $66,000 in April this year. From the $66,000 price point, LTHs spent 0.73% of their Bitcoin supply. This process reduced the number of deliveries to about 68%. It is noteworthy that Bitcoin on November 8 exceeded $67,000. The market capitalization of the currency exceeds that of Facebook and Tesla.
Bitcoin Market Capitalization
The market capitalization of Bitcoin, according to the latest data, is $1.29 trillion. That’s ahead of Tesla’s $1.16 trillion. BTC is the eighth largest asset on the planet, along with the market capitalization of gold, silver, and other top five companies. Bitcoin has a 41.8% market share, though it is the same as it was in July.
Total market capitalization exceeded $3 trillion and has gained 300% since the beginning of the year. This means that in 2021, altcoins will significantly improve bitcoin. Glassnode noted on November 9 that the stock outflow is still falling BTC balances despite the ATH, and the stock market outflow is still ongoing.
Now analysts and investors have only one central question: whether Bitcoin will reach the 6-digit mark this year.
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