The price of Bitcoin has shown significant changes this year. While its price is adjusting, the number of BTC holders is also growing rapidly.
Decrease in Bitcoin Reserves at Binance
A recent report revealed that Bitcoin reserves on the leading cryptocurrency exchange Binance have fallen to the level not seen since January 2024. At the time of writing, Bitcoin was trading at $98,100, showing a year-to-date increase of 131.96% and over 62% in the half-year frame. According to CryptoQuant, the total number of Bitcoin held by Binance decreased to 570,000 BTC, the lowest recorded since the beginning of the year.
Growth of Bitcoin Market Capitalization
Bitcoin's market capitalization reached $1.94 trillion, exceeding the 50, 100, and 200-day exponential moving averages, though still below the 20-day EMA. Experts suggest that Bitcoin's capitalization might soon surpass $3 trillion, potentially rivaling the GDP of some developing nations. Contributing factors include Bitcoin halving, acceptance of ETFs, expectations of a more crypto-friendly U.S. government, and growing institutional interest.
Current Trends in the Bitcoin Market
Since mid-December, when Bitcoin first surpassed the $100,000 mark, its price has repeatedly dipped below this level. The recent high reached $108,300 on December 17, although it subsequently fell below $100,000. Analysts believe that breaking the $100,252 mark could act as a catalyst for a move towards the recent highs near $108,000.
Current trends in the Bitcoin market indicate a continued investor interest and possible further growth. Sustained interest in long-term prospects is pushing capitalization upward, while short-term price fluctuations reflect market dynamism.
