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Bitcoin nears $90k, long-term holders wake up

Market Musing-g

Bitcoin nears $90k, long-term holders wake up

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BTC

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By crypto.news

Created 5 months ago, last updated 5 months ago

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2 mins read

Bitcoin nears $90k, long-term holders wake up

Triggering market-wide push again

Bitcoin’s rally after the U.S. elections continues as the total crypto market cap reaches a new all-time high.

Bitcoin (BTC) reached an ATH of $89,604 early on Tuesday with a market value of $1.77 trillion. The leading crypto asset saw a gentle drop as long-term holders started to make movements.

BTC is trading at $88,400 at the time of writing. Its daily trading volume keeps growing — currently at $133 billion.

BTC price, dormant circulation and MVRV ratio | Source: Santiment

According to data provided by Santiment, Bitcoin’s two-year dormant circulation increased by 130% over the past day, reaching 13,589 BTC. Addresses holding the digital gold for over three years also skyrocketed 154%, moving 8,235 BTC in 24 hours.

The recent Bitcoin ATH pushed its MVRV ratio to 178%, according to Santiment data. The indicator shows that the average BTC holder is seeing a 178% profit at this price point.

The last time the two and three-year dormant Bitcoin circulation surged together was Aug. 29. This, consequently, pulled the asset’s price down from $60,000 to $54,000 within a week as long-term holders took profits, data from the market intelligence platform shows.

You might also like: Bhutan’s Bitcoin holdings surpass $1b

Triggering market-wide push again

Bitcoin’s latest rally brought positive sentiment to the broader sector again.

The global crypto market cap increased by 4.7% in the past 24 hours and is currently sitting at an ATH of $3.11 trillion, according to data from CoinGecko.

Moreover, the cryptocurrency market witnessed a $765 billion surge over the past week.

Per a crypto.news report on Monday, crypto-related investment products saw their highest year-to-date inflows, worth $31.3 billion. The total amount of assets under management reached $116 billion.

This shows increased interest from both institutional investors as the market turned green following Donald Trump’s win in the U.S. presidential election.

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