- Bitcoin (BTC) price is trying to consolidate around $23,000.
- Bulls in BTC have established new weekly highs of $23,282.35.
- BTC Price rose from $16,900 to $23,100 as the supply’s profit margin increased.
The current bull run has led to a significant increase in the market capitalization of the cryptocurrency industry, which has resulted in digital currencies surpassing the $1 trillion barrier. The leading cryptocurrency, Bitcoin (BTC), has been on an upward trend for a few days, which has resulted in the price of Bitcoin (BTC) surpassing the mark of $22,000 and is currently seeking to stabilise around the level of $23,000.
On the other hand, given the prolonged and severe bear market that occurred in 2022, increasing prices bring with them a higher incentive for investors and miners to take exit liquidity.
The rise in price from $16,900 to $23,100 correlates with the increase in the proportion of the supply that has earned a profit, which rose from 55% to over 67% during this time. This 12-percent spike in profits over the last 14 days is one of the sharpest gains when compared to other bear markets that have occurred in the past. This provides you with an estimate of the total number of coins that changed hands at a price that was less than 23,300 dollars.
Bitcoin’s price has increased by 1.24% in the last twenty-four hours and is now trading at $23,018.20. The total value of Bitcoin’s market cap has surged by 1.24%, while its trading volume has increased by 14.64% to $31,296,343,604. The price of Bitcoin (BTC) reached a new weekly high of $23,282.35 over the last week, giving it a market domination of 42.30%.
Finally, the recent price rebound from December lows to more than $23.2k has greatly boosted investor profitability across the cryptocurrency market.
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Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.