As a seasoned analyst with over two decades of market observation under my belt, I have witnessed numerous bull and bear markets across various asset classes. However, the recent surge in Bitcoin’s price has left me quite intrigued. The latest victory of former president Donald Trump in the US elections seems to have set off a chain reaction that has propelled BTC to new heights.
Since the results of the U.S. elections were announced early on Wednesday, November 6, the Bitcoin price and the broader crypto market have experienced a remarkable surge. Notably, the top cryptocurrency has exceeded previous record highs in the past few days.
BTC’s Realized Cap Experiences Largest Increase In Two Years
A recent analysis using the Realized Capricorn (a newer metric for on-chain data) suggests an intriguing perspective on Bitcoin’s soaring price. On November 8, Glassnode, a blockchain analytics company, shared that Bitcoin’s Realized Cap recently peaked at a record high of $656 billion.
It’s important to note that the Realized Capric metric mirrors the total capital moving into and out of the leading cryptocurrency. The recent surge signifies a net inflow of approximately $2.5 billion in the last month, implying an influx of new investors, including individual retail buyers and institutional ones.
After staying stable for several months, the surge in the value of Bitcoin’s market cap to approximately $656 billion implies that the leading cryptocurrency may be transitioning from a “buying” phase (reaccumulation) to a “rising trend” phase (markup). If this influx of capital continues, it could potentially maintain the upward momentum in Bitcoin’s price over the following months.
Bitcoin Price At A Glance
At present, I’m observing that the value of Bitcoin hovers around $76,700, a slight dip from its previous historical high of $77,000. However, according to data from CoinGecko, the market leader has shown an impressive 10% increase over the past week.
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2024-11-09 17:10