BTC market cap stays over $1trn for 10 consecutive days
06 Apr 2021
Bitcoin’s market capitalisation has remained over $1 trillion since 26 March, highlighting robust support within the middle and higher-$50,000 range.
As per findings from on-chain analytics provider Glassnode, Bitcoin has registered a $1 trillion market cap for longer than a week for the first time ever.
The ‘Week on Chain’ report stated: “This is a strong vote of confidence for Bitcoin and the cryptocurrency asset class as a whole.”
The Glassnode findings also revealed that 1.98 Bitcoin moved on-chain whilst the market cap remained over $1 trillion, equating to 10.6% of the supply in circulation, Cointelegraph reports.
The strongest on-chain support has been seen in the mid-to-high $50,000 range since prices were around $11,000: “Impressively, this on-chain volume has formed one of the strongest on-chain support levels since prices were $11k to $12k.”
Bitcoin’s market capitalisation initially hit the $1 trillion mark on 19 February but edged back down rapidly for the subsequent 17 days.
The cryptocurrency reached the milestone again on 9 March, but capitalisation fell back to $950,000 after another correction.
As it stands now, Bitcoin’s market cap has stayed over $1 trillion since 26 March, and as per data from Coingecko, is now standing at $1.1 trillion.
In terms of Bitcoin's UTXO Realized Price Distribution, the Glassnode report adds that Bitcoin miners have reverted to “accumulation mode,” indicating increased bullishness as miners hodl coins for higher prices.
At the time of writing, the Bitcoin price stood at $59,030, a rise of 1.9% over the last 24 hours.