Market Cap of Bitcoin Reaches $950 Billion

Friday, 03/09/2021 | 10:10 GMT by Bilal Jafar
  • BTC address activity increased sharply near the $50,000 price level.
Market Cap of Bitcoin Reaches $950 Billion
Reuters

Bitcoin regained the price level of $50,000 on Friday after a jump of approximately 2% in the last 24 hours. The total market cap of the world’s most valuable digital asset touched $950 billion today, which is its highest level since May 2021.

In addition to the latest price jump, the total number of active Bitcoin addresses jumped significantly near the $50,000 price level. “With Bitcoin's (temporary, for now) visit to above $50,000, we also saw the first day that there were over 1M addresses interacting on the BTC network in 2 months,” Santiment highlighted on Twitter.

The recent Bitcoin rally triggered massive liquidations across the crypto market. According to the data posted by the on-chain analysis platform, bybt.com, over $60 million worth of short Bitcoin positions got liquidated in the last 24 hours.

Coinbase, one of the world’s largest crypto exchanges, saw significant Bitcoin outflows this week as the overall BTC balance of Coinbase reached 700,000, which is the lowest level since December 2017. Today, a leading Bitcoin wallet transferred 13,539 BTC from Binance. The total value of the mentioned transaction currently stands at around $668 million.

Bitcoin’s $50,000 Price Level

The $50k price level holds significant importance for BTC. Commenting on the recent price movement of BTC, Daniela Hathorn, Market Analyst at DailyFX, said: “As expected, Bitcoin saw some resistance at the psychological $50,000 mark last week, which led to a pullback towards $46,500, allowing new buyers a little bit of a breathing room. Momentum seems to be picking up once again, but there is likely to be some strong resistance up until $55,000 as sellers battle to keep their positions, so further sideways consolidation cannot be ruled out within this $5,000 gap. A break above $52,700 would be a good sign that buyers are positioning themselves to tackle the next psychological resistance at $55,000."

Last month, PayPal, the US-based financial services giant, launched its crypto services, including buying, holding and selling of Bitcoin, for its UK-based customers.

Bitcoin regained the price level of $50,000 on Friday after a jump of approximately 2% in the last 24 hours. The total market cap of the world’s most valuable digital asset touched $950 billion today, which is its highest level since May 2021.

In addition to the latest price jump, the total number of active Bitcoin addresses jumped significantly near the $50,000 price level. “With Bitcoin's (temporary, for now) visit to above $50,000, we also saw the first day that there were over 1M addresses interacting on the BTC network in 2 months,” Santiment highlighted on Twitter.

The recent Bitcoin rally triggered massive liquidations across the crypto market. According to the data posted by the on-chain analysis platform, bybt.com, over $60 million worth of short Bitcoin positions got liquidated in the last 24 hours.

Coinbase, one of the world’s largest crypto exchanges, saw significant Bitcoin outflows this week as the overall BTC balance of Coinbase reached 700,000, which is the lowest level since December 2017. Today, a leading Bitcoin wallet transferred 13,539 BTC from Binance. The total value of the mentioned transaction currently stands at around $668 million.

Bitcoin’s $50,000 Price Level

The $50k price level holds significant importance for BTC. Commenting on the recent price movement of BTC, Daniela Hathorn, Market Analyst at DailyFX, said: “As expected, Bitcoin saw some resistance at the psychological $50,000 mark last week, which led to a pullback towards $46,500, allowing new buyers a little bit of a breathing room. Momentum seems to be picking up once again, but there is likely to be some strong resistance up until $55,000 as sellers battle to keep their positions, so further sideways consolidation cannot be ruled out within this $5,000 gap. A break above $52,700 would be a good sign that buyers are positioning themselves to tackle the next psychological resistance at $55,000."

Last month, PayPal, the US-based financial services giant, launched its crypto services, including buying, holding and selling of Bitcoin, for its UK-based customers.

About the Author: Bilal Jafar
Bilal Jafar
  • 2440 Articles
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About the Author: Bilal Jafar
Bilal Jafar holds an MBA in Finance. In a professional career of more than 8 years, Jafar covered the evolution of FX, Cryptocurrencies, and Fintech. He started his career as a financial markets analyst and worked in different positions in the global media sector. Jafar writes about diverse topics within FX, Crypto, and the financial technology market.
  • 2440 Articles
  • 71 Followers

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