More than 10% of Bitcoin’s supply has been moved while its market capitalization has been more than a trillion dollars since March 26, indicating strong support in the middle- and upper-$50,000 price range.
According to Monday’s “Week On-chain” report from on-chain analytics provider Glassnode, Bitcoin (BTC) has enjoyed a $1-trillion market capitalization for more than one week for the first time. “This is a strong vote of confidence for Bitcoin and the cryptocurrency asset class as a whole,” the report said.
Glassnode also noted that 1.98 million BTC have moved on-chain, while Bitcoin’s capitalization has held above $1 trillion, equal to 10.6% of the circulating supply. The report noted the mid-to-high $50,000 range has shown the strongest on-chain support since prices were roughly $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 cap first broke its $1-trillion milestone on Feb. 19 but quickly dipped back below to 12-figures for the following 17 days. BTC tagged 13-figures again on March 9, but another correction dropped Bitcoin’s capitalization back to $950 billion.
Bitcoin’s capitalization has now remained above $1 trillion since March 26 and is currently sitting at $1.1 trillion, according to CoinGecko.
Glassnode analyzed Bitcoin’s UTXO Realized Price Distribution, or URPD, to show significant recent volumes above a $1-trillion capitalization for BTC.
The report notes that Bitcoin miners have returned to “accumulation mode,” signaling further bullishness as miners are again hodling their newly minted coins for higher prices.
At the time of writing, Bitcoin was changing hands for $59,030, up 1.9% over the past 24 hours.