Bitcoin's $1 trillion market holds for 10 days straight

Bitcoin's $1 trillion market holds for 10 days straight

More than 10% of BTC supply has been moved while Bitcoin’s market capitalization has been more than a trillion dollars since March 26, indicating strong support in the middle and upper-$50,000 price range.

According to the April 5 ‘Week on Chain’ report from on-chain analytics provider Glassnode, Bitcoin has enjoyed a $1 trillion market capitalization for more than one week for the first time. “This is a strong vote of confidence for Bitcoin and the cryptocurrency asset class as a whole,” the report said.

Glassnode also noted that 1.98 million BTC have moved on-chain while Bitcoin’s capitalization has held above $1 trillion, equal to 10.6% of the circulating supply. The report noted the mid-to-high $50,000 range has shown the strongest on-chain support since prices were roughly $11,000:

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“Impressively, this on-chain volume has formed one of the strongest on-chain support levels since prices were $11k to $12k.”

Bitcoin’s market cap first broke its $1 trillion milestone on Feb. 19, but quickly dipped back below to

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