According to Glassnode, the leading cryptocurrency by market capitalization, Bitcoin, has risen by 656% in the current cycle.
Historical Data on Bitcoin Growth
In a recent tweet, Glassnode shared insights into Bitcoin's price changes across three cycles. In the 2015 to 2018 cycle, Bitcoin rose by 1,076%; from 2018 to 2022, the increase was 1,007%. In the ongoing cycle that started in 2022, Bitcoin has seen a gain of 656%. This indicates that demand growth is keeping pace with Bitcoin's maturation.
Current Market Conditions
This current Bitcoin cycle is characterized by significant volumes of spending from long-term holders (LTH), creating a new market structure where LTH wealth is much stickier than in previous cycles. Institutional participation and the influence of U.S. Spot Bitcoin ETFs may be contributing to anchoring a larger chunk of supply in long-term custody.
Key Levels to Watch
After dropping to a low of $100,377 on June 5, demand resurfaced at this level, causing Bitcoin to rally to a high of $110,651 on June 9 before profit-taking began. At the time of writing, Bitcoin was up 0.33% within the last 24 hours to $105,061. The $115,400 level may become a significant resistance point, while $97,600 serves as a critical support level.
The analysis of the current Bitcoin cycle demonstrates ongoing investor interest, suggesting potential further growth amid sustained demand.
