Bitcoin, the world’s largest cryptocurrency, is currently trading above $59,000 with a market cap of $1.1 trillion. The latest data from crypto analytics firm, Glassnode indicates that Bitcoin has solidified its position as a $1 trillion asset after a strong improvement in the BTC network activity.
Glassnode recently published its weekly on-chain report and mentioned that nearly 1.98 million Bitcoin, equivalent to 10.6% of the circulating supply, have been transacted over the $1 trillion market cap. The recent BTC support level is the strongest since prices were $11,000 to $12,000.
“Peak volume in this cluster hit 2.97 million BTC, transacted between $58.5k and $59.1k. The average volume of this cluster is 1.52 million Bitcoin which is also higher than the majority of clusters transacted at lower prices. It is likely that this volume cluster will form a very strong support level and appears to be justifying Bitcoin’s ‘twelve zeros club’ status,” Glassnode mentioned in the report.
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JPMorgan, one of the largest investment banks in the world, recently published a research note about Bitcoin and mentioned that BTC’s declining volatility is attracting institutional investors. The bank also gave BTC a long-term price target of $130,000.
Glassnode mentioned in its latest report that Bitcoin miners have stopped selling their BTC assets and most of them are now accumulating the world’s largest cryptocurrency.
“Meanwhile, miners have returned to accumulation mode and on-chain metrics have almost reset. Interestingly, futures open interest has hit new ATHs whilst both volume and short liquidations are in decline,” the report states. The latest improvement in Bitcoin’s on-chain activities shows that retail and institutional investors are confident about the future of BTC.
Bitcoin price remained stable during the last 7 days. Overall, digital currency is up by nearly 1% since the last week. Additionally, XRP, Ethereum and Binance Coin have posted strong gains in the last few days. In fact, XRP’s market cap jumped above Tether and Polkadot after the cryptocurrency registered more than 40% gains in the last 24 hours.