Despite Bitcoin’s current struggle to break the $30,000 mark, data analysis company glassnode earlier today reported than the asset Since then, realized capitalization has been on an upward trajectory, approaching the $400 billion mark.
Bitcoin Realized Cap Nears $400 Billion
According to data analytics firm Glassnode, Bitcoin’s realized capitalization is now inching closer to $400 billion, showing that new capital is continuously entering the market despite the ups and downs of the year.
Related Reading: Standard Chartered Raises Bitcoin Forecast To $120,000, Citing Reduced Sales From Miners
The Bitcoin Realized Cap represents the total value of all BTC at the price at which it was last moved or traded, indicating the holders’ cost basis. When this metric increases, it reveals that BTC is trading at progressively higher prices, suggesting an increase in demand.
Glassnode reported that the BTC realized cap increase indicates the steady inflow of capital into the asset throughout 2023. This steady inflow represents a stable investment climate around Bitcoin, despite its recent price fluctuations.
Bitcoin (BTC) realized market capitalization. | Fountain: glass node
In addition, Glassnode’s assessment of the realized upward limit is indicative of a broader trend in the cryptocurrency market. The data analytics firms said: “It signals that currencies are changing hands at higher prices on the network,” a phenomenon that underscores a growing demand for Bitcoin.
It is worth noting that this increasing recorded demand for Bitcoin comes at a time when the asset could have shown hope for bullish moves following the rise in Spot Bitcoin ETF filings and financial giants like BlackRock embracing the larger asset. by market capitalization.
BTC struggles to break above $30,000
Meanwhile, as Bitcoin’s top nears $400 billion, the asset has struggled to make a meaningful move above the $30,000 mark. In the last 24 hours alone, the price of BTC has traded both below and above the $30,000 mark, suggesting a level of consolidation at this point.
Notably, the asset currently has a 24-hour high of $30,292 and a 24-hour low of $29,792, as of this writing. Regardless of that though, BTC is currently down just a slight 1% decline in the last 24 hours with a trading price of $29,882.
Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USD on TradingView.com
This latest price action follows the rapid rise of Bitcoin seen last week on July 13. This surge caused Bitcoin price to trade even above the $31,000 mark before briefly dipping below $30,000. However, in the past few days, a total of more than $30 billion has been removed from BTC’s market capitalization.
The asset’s market capitalization has plunged from a high of $614 billion seen on July 13 to $583 billion, as of today. Additionally, BTC trading volume has also decreased in the past week, indicating less trading activity.
Featured image from iStock, Chart from TradingView
This post Bitcoin Realized Cap Approaches $400 Billion As Price Recovers $30,000: Glassnode
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