Bitcoin Experiences Massive Price Increase as Demand for Crypto Assets Grows
Bitcoin prices are trending higher but big players appear hesitant to buy into the current rally.
Bitcoin prices spike should be at the back of solid support mainly from heavyweights including minders and digital asset banks.
Bitcoin miners tend to have a big reserve of BTC at any point in time since they need to liquidate from time to time, meeting operation costs following the drop in Bitcoin prices coupled with a high has rate potentially making mining success harder.
BTC reserve decreased from 1,847 million on January 12 to 1836 million on January 2023. BTC's price has been on a bullish run.
It should be noted that miners tend to offload their coins when unsure of the price trajectory in weeks and months ahead.
The upside momentum may even push the coin lower when miners are confident about what lies ahead.
Miners' digital asset bank reserves are declining Digital asset bank reserves refer to BTC held by these regulated institutions following the FTX, Alameda Research.
Traders and optimists may interpret the bounce in crypto prices as a positive for BTC the absence of leads judging from institutional activity whether the current rally would last longer.
There may regulatory angle affecting digital asset banks' involvement government agencies are asking whether crypto venture capitals and service providers did adequate due diligence before exposure to crypto in the last bull cycle.
Currently, Bitcoin is now trending on CoinMarketCap. The live Bitcoin price today is $22,898.55 with a 24-hour trading volume of $24,403,180,740.Bitcoin is up 0.10% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $441,258,524,413. It has a circulating supply of 19,270,150 BTC coins and a max. supply of 21,000,000 BTC coins.
Bitcoin price statistics the BTC price change in 24 hours is +$65.34 of 0.29% and BTC's 24-hour low as $22,387.90 and 24-hour high is $23,056.73 with 42.01% Market Dominance.
BTC 7 day low is $20,541.54 and 7 day high is $23,282.35 with 16824.28% Bitcoin ROI.