Bitcoin (BTC), the world’s largest cryptocurrency has shown some volatility in the last two weeks slipping below $54,000 levels twice. However, it has bounced back strongly and is looking forward to breaking past its all-time high of $61,600. At press time, Bitcoin (BTC) is trading at $57,687 with a market cap of $1.076 trillion.
More importantly, despite the recent price volatility, the BTC valuations have never dipped under $1 trillion, and probably it might never as well go under in the future. Citing data from on-chain data provider Glassnode, popular market analyst Willy Woo notes that nearly 7.3% of the total Bitcoin supply has moved since the Bitcoin valuations surged past $1 trillion.
“This is pretty solid price validation; $1T is already strongly supported by investors. I’d say there’s a fair chance we’ll never see Bitcoin below $1T again,” he adds.
Courtesy: GlassnodeWilly Woo further states that it has been nearly three months since the Bitcoin (BTC) price has moved past its previous all-time high of $19.7K. Above these levels, 28.7% of Bitcoins in circulation have already moved. The URPD indicator offers investors an insight into price discovery while assuming that the BTC coins were bought by investors.
However, Woo asks investors to maintain caution stating “coin movements are not always from purchases. For example exchanges and users regularly move coins internally”.
Another data from Glassnode shows that during the previous bull runs, 50% of Bitcoin supply was younger than 6 months. Currently, it is just at 36%, which means there’s the scope of further price …
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