Bitcoin (BTC) Realized Cap Hit An All-Time High Of $105 Billion, Is $12,000 In Sight?

  • Bitcoin trades around key resistance at $10,200 USD, as at time of writing.
  • The bullish stance in the market is impacting BTC’s fundamentals as well; Realized cap hit an ATH of $105 billion USD.
  • Can bulls set the market ablaze to test $15,000 USD before the halving?

Bitcoin’s market is finally calming down after a raging move past $10,300 USD, in the early days of February, representing close to 40% growth from the start of the year. While the market consolidates its gains, the price of BTC looks to be set up for a continuation of the bull run as fundamentals turn positive for the top coin.

Advertisement

celsius network

With the blockchain setting its all-time highs in both the difficulty and hash rates earlier in the year, the top crypto is now testing the ceiling of its realized cap, hitting a record $105 billion.

Bitcoin Realized cap hits all-time high

According to data from Glassnode charts, the realized cap of BTC hit an all-time high of $105 billion USD on Valentine’s Day signaling a possible continuation of the bullish run into the foreseeable future. Realized cap is a metric that factors in the value of lost coins and inaccessible coins, to give a true value on the total circulating value (total available value) of the coin.

Image: Glassnode

The figure passed the previous all-time high set in January at $103 billion USD, with the crypto surpassing the $100 billion USD mark in August 2019. The metric is also a key bullish indicator on price as it gives a true value of the market.

Advertisement


1xbit

Can bulls push BTC towards $12,000 USD?

Bitcoin (BTC) has traded flat over the past 24 hours maintaining the key resistance level at $10,200 USD as the market consolidates following a buy rush in the past week. The technical indicators on the daily charts are heavily augmenting towards a bullish market with the SMA 50 giving a buy signal and the MACD forming a golden cross signaling a further upward push in price.

BTCUSD
Image: TradingView

With the fundamentals positive and the market generally having a bullish vibe, buyers are setting their targets on the price boosting past 2019’s high at $13,800 and setting a new yearly high before the halving. Can bulls set the price ablaze to key psychological resistance at $12,000 USD?

A breach past $12,000 will effectively usher in a new 2017-like bullish run and a blast past $15,000 is not very unlikely.

Bitcoin (BTC) Realized Cap Hit An All-Time High Of $105 Billion, Is $12,000 In Sight?
Article Name
Bitcoin (BTC) Realized Cap Hit An All-Time High Of $105 Billion, Is $12,000 In Sight?
Description
• Bitcoin trades around key resistance at $10,200 USD, as at time of writing.
• The bullish stance in the market is impacting BTC’s fundamentals as well; Realized cap hit an ATH of $105 billion USD.
• Can bulls set the market ablaze to test $15,000 USD before the halving?
Publisher Name
Publisher Logo

Telegram group
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Author: Lujan Odera



Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.