BTC was in a close range from hitting its ATH price of $64.8K during intraday trading as it is hovering around $64,023 at the time of writing. As a result, the value stored in the Bitcoin Network Stands at a record high.
Bitcoin has witnessed a drastic upward momentum, enabling it to break the psychological mark of $60K last week. It was the first time BTC reached this milestone since April. Hence, the value stored in the BTC network is record high based on the realized price.
Will Clemente, an on-chain analyst, explained:
“Realized price continues to reach new highs, now over $22,000. This means the amount of value stored in the Bitcoin network is at an all-time high. Realized cap/price is the capitalization of BTC based on the last time a coin moved. (ex: 10 BTC last moved at $1 adds $10 to RC).”
Furthermore, BTC has outperformed commodities so far this year, and there is more room for it to grow. Another market analyst Ali Martinez said:
“Historically, when Bitcoin entity-adjusted dormancy flow reached 1M, it anticipated that BTC was approaching a market top. BTC entity-adjusted dormancy flow is at 483K with a lot of room to go up before the next market top.”
According to the glassnode analysis, bitcoin has more room to grow. So if it breaks the ATH level of $64.8K, the price might continue to increase.