Bitcoin’s latest prices have made the market capitalization reach the $1 trillion mark for the first time since February. It was up by 5.9% in the past day and hit $54,517 during intraday trading.
Santiment, an on-chain metrics provider, explained:
“Bitcoin dominance has been on a major rise the past couple of days, and $54.6k has been breached for the first time since May 12th. Our NVT Token Circulation model is indicating October is the first month we’re seeing a bullish divergence since February.”
Previously, Santiment said that Bitcoin’s price could witness a surge because its circulation had reached the levels same as July. Their remarks pointed out that Bitcoin’s price is positively related to circulation.
“Record amount of Bitcoin has been moved in the last 2 weeks. Something’s brewing. Gun to head, ATH may happen sooner than we think.”
Moskovski believes that the current high record of Bitcoin can send its price and market capitalization through the roof. The last ATH (all-time high) price of $64.8K was set in April, and there are chances we get to see this again.
“Bitcoin surpasses once again the $52K barrier for the first time since September 7th. The IOMAP reveals strong support right below $50K while approaching a highly contested area around $52,938. At this range, over 353.78K addresses previously bought 212,000 BTC.”