The on-chain analysis platform, Glassnode Alerts, has recently shared some insightful data about the leading cryptocurrency, Bitcoin (BTC), via Twitter. Per their latest post, BTC’s Realized Price has surged to a 1-month high. This information sheds light on the current state of the crypto market and provides valuable insights for investors and enthusiasts alike.
According to the latest data, BTC’s Realized Price has reached an impressive $19,994.95, surpassing yesterday’s record of $19,994.76. For those unfamiliar, a cryptocurrency’s Realized Price is determined by dividing its Realized Cap by the total coin supply. This metric can also serve as a valuable indicator of on-chain support or resistance levels.
According to the latest update from CoinMarketCap, Bitcoin (BTC) is exchanging hands at an impressive price of over $29k. This indicates that the market value of BTC is currently surpassing its Realized Value, which is a positive sign for the leading cryptocurrency. It’s worth noting that the market price of BTC typically remains higher than its realized value, and it’s rare for it to dip below this threshold. Overall, this development is a promising indicator for the future of BTC and the wider crypto market.
At the time of writing, BTC was exchanging at $29,090.32, having experienced a modest uptick of 0.10% in the last 24 hours. During this period, the cryptocurrency reached a 24-hour peak of $29,488.16 and a daily low of $28,694.04.
BTC’s recent surge in price has given it an edge over its main rival, Ethereum (ETH), with a 0.16% increase in market dominance over the past day. However, the 24-hour trading volume for BTC has taken a hit, as CoinMarketCap reports a decline of over 13%, bringing the total to $16,713,375,965. Despite this setback, BTC remains a formidable force in the cryptocurrency market.
Regrettably, BTC’s recent performance failed to propel its weekly progress into positive territory, with the cryptocurrency experiencing a 0.57% decline over the past seven days. Additionally, in the hour leading up to press time, BTC saw a slight dip of 0.04% in its price.
Please note that this price analysis offers perspectives and insights in good faith. We encourage readers to conduct their research and exercise due diligence before making decisions. Any actions based on the information provided are solely at the reader’s discretion and risk. Coin Outlooks assumes no responsibility for any direct or indirect damages or losses incurred. Thank you for your understanding and discretion.
