The total market capitalization of the cryptocurrency market has exceeded $2 trillion.
This is after Bitcoin gained more than 5% in the last 24 hours, breaking through the $47,500 levels, for the first time in the past three months.
As evidenced by the previous movement of Bitcoin, Bitcoin has been closely following the “Stock-to-Flow (S2F)” model developed by the popular crypto analyst PlanB.
In June 2021 when the bitcoin price was under trading pressure below $35,000, the analyst “PlanB” gave his predictions for the following months, including August, indicating that the price would be at the $47,000 level.
According to the same analyst, the price of Bitcoin is heading to the level of 135,000 dollars by the end of December 2021.
Besides the current price hike, bitcoin has also shown significant improvement in some on-chain metrics.
Strong indicators about Bitcoin:
The data shows that Bitcoin miners are once again beginning to accumulate a strong accumulation of what they mine.
Over the past month, miners’ balances have been on the rise, which is a healthy sign.
This means that miners are anticipating a further rise in the price of Bitcoin and are not ready to take profits yet.
Santiment reports that the supply of bitcoin on exchanges has fallen to its lowest level in two weeks.
This is an encouraging sign and indicates that more bitcoins are going to cold wallets.
As the supply of Bitcoin on the exchanges fell to its lowest level in two months.
She ” Glassnode ” similar remarks with the flow Alpetkoan outside of trading platforms, where he commented on it by saying:
Bitcoin continued to pour out of exchanges in August at a rate of between 75,000 and 100,000 per month.
The volume of outflow is similar to the period between 2020 and 2021.
All metrics are currently in favor of Bitcoin at this point and we can see that it will rise to $50,000 levels soon if all goes well.
However, with the recent rally of altcoins, Bitcoin’s dominance has fallen below 45%.